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1999 09 08 IABN P.O. Box 1504 78-495 CALLE TAMPICO (760) 777-7000 LA QUINTA, CALIFORNIA 92253 (TDD) (760) 777-1227 AGENDA INVESTMENT ADVISORY BOARD Study Session Room 78-495 Calle Tampico- La Quinta, CA 92253 September 8, 1999 - 5:30 P.M. CALL TO ORDER a. Pledge of Allegiance b. Roll Call II PUBLIC COMMENT- (This is the time set aside for public comment on any matter not scheduled on the agenda.) III CONFIRMATION OF AGENDA IV CONSENT CALENDAR Approval of Minutes of Meeting on July 14, 1999 for the Investment Advisory Board. V BUSINESS SESSION A. Transmittal of Treasury Report for June & July, 1999 B. Board Meetings - Section 2.70.020 - Ordinance C. Request for Proposals - Bank Services VI CORRESPONDENCE AND WRITTEN MATERIAL A. Month End Cash Report - August 1999 B. Pooled Money Investment Board Reports - May & June, 1999 C. Daily Investment Activity and Monthly Treasurer's Report Procedures D. LAIF - Structured Notes and Asset Bank Securities VII BOARD MEMBER ITEMS VIII ADJOURNMENT T a 0 4,Y1 4 4 QUM& MEMORANDUM TO: Chairman Osborne and Member of the Investment Advisory Board FROM: John M. Falconer, Finance Director DATE: September 2, 1999 RE: July Treasurers Report The July Treasurers report will not be finalized until Friday, September 3, 1999. Staff is mailing the agenda today in order for the Board Members to review the balance of the agenda. Staff apologizes for the inconvenience and will mail the July Treasurers Report under separate cover as soon as possible. Thank you. MILTON OLANDER Appointed: 8-03-99 78-930 Casa Del Rio Term: Unex . La Quinta, Calif. 92253 P Res. 771-3561 Expires: 6-30-2001 CYRILLE P. MAHFOUD 74-710 Highway 111 Appointed: 7-01-98 Term: 3 Years Palm Desert, Calif. 92260 Expires: 6-30-2001 Res. 360-9592 Bus. 862-4606 TOM LEWIS P.O. Box 2956 Appointed: 7-01-97 Palm Desert, Calif. 92260 � Term: 3 Years Bus. 340-3700 Expires: 6-30-2000 Res. 568-0625 DONALD J. MOULIN Appointed: 7-01-98 78-863 Via Carmel Term: 3 Years La Quinta, Calif. 92253 Expires: 6-30-2001 Res. 564-1081 JOSEPH A. IRWIN Appointed: 7-01-97 44-065 Camino La Cresta Term: 3 Years La Quinta, Calif. 92253 Expires: 6-30-2000 Res. 360-9851 LEE M. OSBORNE Appointed: 7-01-97 54-325 Avenida Ramirez Term: 3 Years La Quinta, Calif. 92253 Res. 564-4266 Expires: 6-30-2000 Bus. 347-3462 JAMES BULGRIN Appointed: 12-2-97 54-051 Southern Hills Term: 3 Years La Quinta, Calif. 92253 Expires: 6-30-2000 Res. 771-2550 Updated: 8/04/99 11 e INVESTMENT ADVISORY BOARD Business Session: A Meeting Date: September 8, 1999 ITEM TITLE: Transmittal of Treasury Report for June and July, 1999 BACKGROUND: Attached please find the Treasury Report for June and July, 1999. RECOMMENDATION: Review, Receive and File the Treasury Report for June and July, 1999. l OF J hn M. Fal6onef, Finance Director TO: FROM: SUBJECT: DATE: T 6 # 41y/ 4 4 Q" MEMORANDUM La Quinta City Council John Falconer, Finance Director/Treasurer Treasurer's Report for June 30, 1999 August 6, 1999 Attached is the Treasurer's Report for the month ending June 30, 1999. This report is submitted to the City Council each month after a reconciliation of accounts is accomplished by the Finance Department. Cash and Investments: Decrease of $718,247. due to the net effect of expenditures in excess revenues. State Pool: Decrease of $1,500,000. due to the net effect of transfers to and from the cash and investment accounts. U.S. Treasury Bills, Notes, Government Agency Securities and Commercial Paper: Decrease of $415,087. due to the sale four Commercial Papers, one T-Note, the purchase of one T-Note and monthly adjustment in the amortized value of the investments. Mutual Funds: Increase of $570,116. due to the sale of one T-Note and interest earned. Total decrease in cash balances $2,063,218. I certify that this report accurately reflects all pooled investments and is in compliance with the California Government Code; and is in conformity with the City Investment policy. As Treasurer of the City of La Quinta, I hereby certify that sufficient investment liquidity and anticipated revenues are available to meet the pools expenditure requirements for the next six months. The City of La Quinta used the Bureau of the Public Debt, U.S. Bank Monthly Statement and Bank of New York Monthly Custodian Report to determine the fair market value of investments at month end. ohn M. Falconer' inance Director/Treasurer r,0 E E .9 E O i Q c O m zz O m z O z d z O z N z N z o c E 'n O p n $� `.c a > c > c CL Q Q a ¢ �y0 ? 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G 0 a-NNCnO V CM 0C) t- N 00y C7000'))CO N — tC) O) CA CA0 v v_ N 0) O) to O to O � N W.-cO - r M e- 00 N M t: to O tp LL W) 10 N O a dMLO0001- tiCn00NV O IT CoN r e0- I w 000 t` M O co in CONON N0OOtM � e-N�-I-� MON� 14 M M tL t^f) eM OOOMC[ mN NNw0 C'4 0 N Go 7 CO t10 Or- " tt CO O O O Cn O M W v N to O to V •,, 0co tp co ti'o0 NitT- Nr 0 cq c6 to N vq1t00001.. to O t) O to O Q0M U-)i,cq 4coac0Mlot O N to N fi r. CMNN� �CMC�OCOCOM tz N N O 0 E L H 7 O > > C L ~ tm rn C .` a N R � H m N E cc to C H N C d C CDN V C C N COC m Q N W a) ea O U tX o U r= C C nLy. Q8 NNCCNtT6 Hr+ LU m'WEC Ct0+ .LUrO U 3 pO �CN LL E C m C cctm x> P co Oa` m U C E u)LU O-0 CL LCL> a.0 In i�co0CC WiIrOUOI-- Z U W Z Tts t.) tH U. q C) C) 00 CN LN 0 O 0 0 0 ui N 0 M N v � O O 0 0 LO � o 4 00 0 O O O LO 40 / l CITY OF LA QUINTA BALANCE SHEET OW30199 CITY ASSETS: POOLED CASH 3,333,464.37 LQRP INVESTMENT IN POOLED CASH INVESTMENTT-BILL/NOTES & OTHER 28,000,000.00 AUTO MALL CASH 1,508,597.04 LQRP CASH BOND REDEMPTION CASH BOND RESERVE CASH BOND PROJECT CASH BOND ESCROW CASH PETTY CASH 1,000.00 CASH & INVESTMENT TOTAL 30,843,051:41 INVESTMENT IN LAND HELD FOR RESALE CITY CITY RDA RDA FA FIXED LONG TERM FIXED LONG TERM FINANCING LONG TERM GRAND ASSETS DEBT RDA ASSETS DEBT AUTHORITY DEBT TOTAL 11,085,337.11 (8,590.30) 14,410,201.18 755.000.00 755,000.00 26,000,000.00 1,508,597.04 16.935.18 16,935.18 186,874.76 28.73 186,903.49 13,967,943.60 594,208.25 14,562,151.85 1,000 00 26,012,090.65 585,646.68 57,440,788.74 ACCOUNTS RECEIVABLE 57,940.02 79,157.68 8,260,000.00 8,397,097.70 PREMIUM/DISCOUNT ON INVESTMENT 80,477.77 49,252.46 109,730.23 LQRP-ACCOUNTS RECEIVABLE 44,005.78 44,005.78 INTEREST RECEIVABLE 396,121.70 319,353.36 715,475.06 LOAN/NOTES RECEIVABLE 1,856.16 2,651,091.04 2,652,947.20 DUE FROM OTHER AGENCIES 129,197.00 129,197.00 DUE FROM OTHER GOVERNMENTS DUE FROM OTHER FUNDS 709,981.89 551,038.04 1,261,019.73 DUE FROM RDA 6,890,277.20 6,890,277.20 INTEREST ADVANCE -DUE FROM RDA 1,138,530.34 1,136,530.34 ADVANCES TO OTHER FUNDS 835,969.46 835,969.46 NSF CHECKS RECEIVABLE 2,816.88 2,816.68 ACCRUED REVENUE 833.40 833.40 TRAVEL ADVANCES 1,605.00 1,605.00 EMPLOYEE ADVANCES PREPAID EXPENSES 80,300.00 60,300.00 RECEIVABLE TOTAL 10,283,073.02 3,694,731.76 8,260,000.00 22,237,804.78 WORKER COMPENSATION DEPOSIT RENT DEPOSITS UTILITY DEPOSITS 75.00 MISC. DEPOSITS 2,100.00 DEPOSITS TOTAL 2,175.00 75.00 2,100.00 2.175.00 GENERAL FIXED ASSETS 1,098,865.00 15,008,708.00 11,438,745.05 27,546,318.05 ACCUMULATED DEPRECIATION (786,057.21) (766,057.21) AMOUNT AVAILABLE TO RETIRE UT DEBT 3,395,117.03 3,395,117.03 AMOUNT TO BE PROVIDED FOR L/T DEBT 1,677,482.02 97,062,966.77 8,015,000.00 106,755,448.79 TOTAL OTHER ASSETS 332,807.79 15,008,708.00 1,877,482.02 11,438,745.05 100,458,083.80 8,015,000.00 136,930,826.66 TOTAL ASSETS 41,461,107.22 15,008,706.00 1,877,482.02 29.706.822.41 11,438,745.05 100 458 083 80 8 845 646 68 8 015 000 00 216 61 5595 18 LIABILITY ACCOUNTS PAYABLE 1,582,216.04 11.999.44 54,880.93 1,649,096.41 DUE TO OTHER AGENCIES 887,951.22 867,951.22 DUE TO OTHER FUNDS 77.715.36 1,169,640.97 13,663.40 1,261,019.73 INTEREST ADVANCE -DUE TO CITY ACCRUED EXPENSES 336,855.97 336.855.97 PAYROLL LIABILITIES 2,032.43 2,032.43 STRONG MOTION INSTRUMENTS 5,888.64 5,888.64 FRINGE TOED LIZARD FEES 19,840.00 19,640.00 SUSPENSE DUE TO THE CITY OF LA QUINTA PAYABLES TOTAL 2,892,299.86 11,999.44 1,224,521.90 13,663.40 4,142,484.40 ENGINEERING TRUST DEPOSITS 980.00 980.00 SO. COAST AIR QUALITY DEPOSITS ARTS IN PUBLIC PLACES DEPOSITS 472,852.23 472,852.23 LQRP DEPOSITS 15,595.99 15,595.99 DEVELOPER DEPOSITS 1,599,841.24 1,599,841.24 MISC. DEPOSITS 255,075.20 255,075.20 AGENCY FUND DEPOSITS 1,568,257.42 1,568,257.42 TOTAL DEPOSITS 3,897,006.09 15,595.99 3,912,602.08 DEFERRED REVENUE 11,250.23 8,260,000.00 8,271,250.23 OTHER LIABILITIES TOTAL 11,250.23 8,260,000.00 8,271,250.23 COMPENSATED ABSENCES PAYABLE 337,880.86 337.880.86 DUE TO THE CITY OF LA QUINTA 1,327,601.72 7,943,477.34 9,271,079.06 DUE TO COUNTY OF RIVERSIDE 15,0$1,457.71 15,031,457.71 DUE TO C.V. UNIFIED SCHOOL DIST. 10,068,148.75 10,068,148.75 DUE TO DESERT SANDS SCHOOL DIST. BONDS -PAYABLE 67,415,000.00 (504.08) 8,015,000.00 75,429,495.92 TOTAL LONG TERM DEBT 1,665,482.58 100,458,083.80 (504.08) 8,015,000.00 110,138,062.30 TOTAL LIABILITY EQUITY -FUND BALANCE TOTAL LIABILITY & EQUITY 8.800.555.98 1,677,482.02 1,240,117.89 34,680,551.24 15,008,708.00 28,488,704.52 11,438,745.05 100,458,083.80 8,273,159.32 8,015,000.00 126,464,399.01 572,487.36 90,147,196.17 41,461,107.22 15 008 708.00 1,677,482.02 29 708 822.41 11 438 745.05 100 458 083.80 8,845,646.68 8,015,000.00 216 61 5595.18 0.00 rr� INVESTMENT ADVISORY BOARD Meeting Date: September 8, 1999 ITEM TITLE: Request for Proposals - Bank Services BACKGROUND: Business Session: C Attached please find a Bank Services Request for Proposal for the Boards review and comment. After City Council approval, Staff is requesting mailing the Request for Proposal to the following banks/organizations: First Security Van Kasper (1) Laffranchini Financial (1) Union Bank (1) (3) Valley Independent Bank (1) (2) Wells Fargo Bank (2) (3) Bank of America (3) Dai Ichi Kangyo Bank (3) Sanwa Bank (3) (1) City Registry (2) Branch in La Quinta (3) Listed in California Municipal Treasurers Association Roster RECOMMENDATION: WAfterview and c ment for to the City Council for consideration. kl /I - ohn M. Falconir, Finance Director �a�� •c7 � 2 V S OF TNtO REQUEST FOR PROPOSAL FOR BANKING SERVICES The City of La Quinta is seeking proposals for Banking Services for its bank accounts and the related cash management services. The enclosed Request for Proposal (RFP) outlines the scope of the engagement, information required, evaluation criteria, and other relevant information. If your Bank would like to be considered as a potential provider of Banking Services, please respond by no later than 12:00 p.m. (Noon) on . Three (3) copies of the proposal must be submitted. Any proposals received after the above date and time may be disqualified. All proposals must be sealed, marked "Banking Services Proposal," and submitted to the City at the following address: City of La Quinta, California 78-495 Calle Tampico P. 0. Box 1504 La Quinta, CA 92253 Attention: John Falconer, Treasurer Phone: 760 777-7150 Fax: 760 777-7105 Questions relating to the RFP may be submitted in writing only (mailed or faxed to the attention of the Treasurer by 12:00 p.m. (Noon) on Sincerely, John M. Falconer Treasurer 1 Table of Contents Description City of La Quinta Banking Services RFP Page No. INTRODUCTION................................................................. 3 RFP AND PROPOSAL SCHEDULE ...................................... 4 PROPOSAL PROCEDURES ............................................... 4 SELECTION CRITERIA ............................................... 4 BANKING SERVICES PROPOSAL CONTENT AND FORMAT 5 Tab A - Table of Contents 6 Tab B - Bank Profile 6 Tab C - References 6 Tab D - Demand Deposit Accounts 6 Tab E - Collateral ization of Deposit 7 Tab F - Bank Compensation 7 Tab G - Deposit Activity 7 Tab H - Wire Transfers 8 Tab I - Account Reconcilement 8 Tab J - State Activity 9 Tab K - Overnight Sweep 9 Tab L - Payroll Tax Processing 10 Tab M - Direct Deposit of Payroll 10 Tab N - Credit Cards 10 Tab 0 - Balance Reporting 11 Tab P - Merchant Bankcard 11 Tab Q - Implementation Plan and Costs 11 Tab R - Daily Lock Box Reporting 12 Tab S - Service enhancements 12 Exhibits to Attach: Tab T - Banking Services Bid Form Tab U - Standard Bank Fee Schedule for Government/Corporate Clients Tab V - Sample Account Analysis Statement and users Guide Tab W - Relevant Cash Management Agreements Tab X - Bank Credit Ratings - Most Current Annual Report 2 City of La Quinta Banking Services RFP INTRODUCTION The City of La Quinta (City) is located in Riverside County with a population of approximately 24,000 residents. It was incorporated as a general law city under the provisions of the Government Code of the State of California and it became a Charter City in November 1996. The City operates under the Council -Manager form of city government. The City Currently has approximately 72 full-time and part-time employees. The City's primary banking relationship currently resides with Wells Fargo Bank and consists of general depository and cash management services. The City had previously banked with First Interest Bank and converted to Wells Fargo through the acquisition of First Interstate Bank in 1996. The City utilizes PC Manager 3.0 software for various on-line banking transactions. The City is in the process of reviewing its cash management and treasury operations and has determined that it is appropriate at this time to formally bid out its banking arrangements and seek proposals for various financial services based upon a mandatory 4 year bidding requirement. The City wishes to create efficiencies, make improvements where possible, and take advantage of new, applicable technologies. This RFP does not cover any other services, such as custody, investments, or bond trustee services. The intent of this RFP is to identify a financially secure federal or state chartered banking institution that can offer the highest quality of service at the lowest overall cost to the City of La Quinta with the establishment of a four (4) year contract estimated to commence January 1, 2000. The City requires fixed pricing for the four years of the contract. The City will make every effort to administer the proposal process in accordance with the terms and dates outlined in this RFP; however, the City reserves the right to modify the activities, timeline, or any other aspect of the process at any time and as deemed necessary by City staff. By requesting proposals, the City is in no way obligated to award a contract or pay the expenses of proposing banks in connection with the preparation or submission of a proposal. The awarding of a contract shall be contingent on the availability of funds and the requisite staff and Council approvals. The decision to award any contract to a particular financial institution will be based on many factors to include, but not limited to, products available, service levels, cost to the City, financial strength of bank, etc. No single factor will determine the final award decision. 3 City of La Quinta Banking Services RFP RFP AND PROPOSAL SCHEDULE The City intends to follow the schedule described below during the procurement process for Banking Services, but reserves the right to alter the schedule at any time. ACTIVITY DATE Release of RFP Questions Due from Bank Proposal Due Date Bank Interviews Finalist Notified Commencement of Contract The City maintains the following bank accounts: General Account with Daily Sweep Automall Account with Daily Sweep La Quinta Housing Account with Lockbox PROPOSAL PROCEDURES Proposal Format - A proposing bank must follow the instructions for preparing the proposal in the prescribed format. Section tabs (A through W) must be utilized in the proposal following the same order of the RFP. Each question should be repeated with the bank's response following. Any extraneous information or marketing materials should not be included. No Proposal - If a service requirement cannot be met by a proposer, then "No Proposal" should be indicated on the Bid Form and in the relevant section of the proposal. An alternative equivalent service may be offered. Right to Reject Proposals - The City reserves the right to reject any and all proposals, to waive any non -material irregularities or informalities in any proposal, and to accept or reject any item or combination of items. Execution of Agreement - If a banking institution is not able to execute an agreement within thirty (30) days after being notified of selection, the City reserves the right to select the next most qualified proposing bank or call for new proposals, whichever the City deems most appropriate. 2 City of La Quinta Banking Services RFP Incorporation of RFP / Proposal - The RFP and the bank's response, including all promises, warranties, commitments, and representations made in the successful proposal, will become binding contractual obligations and will be incorporated by reference in any agreement between the City and the bank. Authorized Signatories - Bank personnel signing the cover letter of the proposal or any other related forms submitted must be authorized signers with the requisite authority to represent their firm and to enter into binding contracts with clients. Validity of Proposals - Proposed services and related pricing and warranties contained in the proposal must be valid for a period of 120 days after the submission of the proposal. SELECTION CRITERIA The City will utilize the selection criteria listed below to evaluate proposals and to recommend the best -suited provider of banking services to City Staff and the City Council: • Location and convenience of bank offices. • Adherence to RFP instructions and content requirements. • Ability to meet required service levels. • Ability to offer product and service enhancements. • Credentials and strength of relationship management team. • Overall lowest cost to the City and ability to guarantee pricing for contract period. • Financial strength of Bank and ability to collateralize deposits. • Quality of references and experience with public agency clients. • Other factors in the City's best interest that are not delineated above. BANKING SERVICES PROPOSAL CONTENT AND FORMAT In order for the City to be able to adequately compare and evaluate proposals, all proposals must be submitted in accordance with the format detailed below. Cover Letter. (One page maximum) The letter should designate the proposing Bank, the business address of where the relationship will be housed, and be signed by authorized Bank officers. The letter should address the bank's willingness and commitment to provide the proposed services to the City and why the bank believes it should be selected. No pricing information should be included in this section. 5 City of La Quinta Banking Services RFP Tab A - Table of Contents: (One page maximum.) Table of Contents should follow the RFP format. Tab B - Bank Profile: (Two page maximum.) Please respond to the following sections: Bank Overview - General overview of bank, identification of local branches or offices, and customer service philosophy. Experience - Bank's direct experience in servicing public sector clients. Please include: the number of public agency clients, the dollar amount of public funds on deposit, the types of services offered, and bank's knowledge of and adherence to the California Government Code. Relationship Management - Identify bank officers responsible for the City's accounts, what each person's role and responsibilities will be, and the relevant credentials and experience of each person on the relationship management team. Tab C -References: (Two pages maximum.) Please provide five (5) references that are of similar size and cope of service utilization as the City. Select both long-standing and recent customers, preferable public agencies. Contact Name: Title: Name of Customer: Address: Telephone Number: Fax Number: # of Yrs. As Customer: Services Utilized: Tab D - Demand Deposit Accounts: (One page maximum.) The City currently uses one demand deposit account, the General Account, for all deposit, check writing, and other activity. An ancillary account has been established for credit card activity to facilitate the payment of the related bills for council members and City staff. r City of La Quinta Banking Services RFP Tab E - Co//ateia/ization of Deposits: (Three pages maximum including contract.) Please detail the Bank's procedures for collateralizing public funds deposits. Tab F - Bank Compensation: (Two pages maximum.) The City currently utilizes an overnight Sweep and would like to continue doing so. A peg balance of $50,000 is maintained. The City is billed for any negative net difference between the Sweep earnings and the account service activity. 1. What is the bank's Earnings Credit Rate (ECR) based on, and how is it calculated each month? 2. List the bank's actual ECR for each of the past six months, from January through June 1999. 3. What account analysis settlement period will the bank offer the City? Please state monthly, quarterly, semi-annually, or annually. 4. For what period of time will the bank's pricing as indicated in this proposal and the Banking Services Bid Form be fixed? 5. Does the bank charge for FDIC or FICO premiums, and if so, how is the charge calculated? 6. Please detail which types of items and services can be applied against the City's account analysis in addition to standard bank services. Is there a mark-up? Tab G - Deposit Activity: (Two pages maximum.) The City currently uses an armored carrier service with daily (Monday through Friday) pick-ups at City Hall at 10:00 - 1 1 :00 A.M. by Brinks Armored Transport. The deposits are delivered to the bank's Operations Center for same -day credit. Total monthly deposits consist of approximately 510 checks (unencoded) and $5,300 in currency. Deposited items should be automatically recleared once. Checks that are ultimately returned need to be forwarded to the City within three working days. The City requires the ability to make occasional branch deposits for emergencies. 1. Please provide a quote for armored carrier service. Can the cost of armored carrier be paid through account analysis? 2. Is a mark-up applied to the cost of the service if it is paid for through account analysis? If so, how much? 7 City of La .Quinta Banking Services RFP 3. Please describe the bank's procedures for handling deposit adjustments. 4. Please describe the bank's returned item handling and notification procedures in detail. 5. What is the cut-off time for deposits at the bank's local branch and at the bank's Operations Center to ensure same day credit? Tab H - Wire Transfers: (One page maximum.) The City currently transacts wire transfers by telephone or electronically, initiating approximately 5 wires and receiving 5 incoming wires a month. 1. Please describe the bank's wire transfer service capabilities and what specifically is recommended for the City's use and consideration. 2. What safeguards and security measures does the bank have in place to protect the City? Tab I - Account Reconcilement: (Two pages maximum.) The City currently issues approximately 500 Accounts Payable and Payroll checks from the General Account and does not currently utilize any type of Account reconcilement service. Checks are written and released weekly, with Accounts Payable and Payroll alternating every other week. The City would like to consider Full Account Reconcilement, Positive Pay, check truncation, on-line stop payments, and any other enhancements the bank recommends. 1. Please describe the bank's account reconcilement services and what is recommended for the City's consideration. 2. Does the bank offer Positive Pay for this size account? If so, please describe the service as it relates to the City's check volume and reconcilement needs. 3. Does the bank provide on-line check imaging so that the City could review its paid or exception items electronically? 4. Describe the bank's on-line stop payment service and how the City would access information about whether an item has been paid and how it would execute a stop payment. City of La Quinta Banking Services RFP 5. Does the bank's check truncation service and how to receive copies of paid items. Tab J - State Activity: (One page maximum.) The City transacts State of California Local Agency Investment Fund (LAIF) transfers on a regular basis (approx. 5 total per month) and receives State warrants for deposit. 1. Is the bank an approved State of California depository? 2. What is the charge per transfer to LAIF? From LAIF? 3. What is the charge for the deposit of State Warrants in Sacramento? 4. Please describe the LAIF transfer process. Are the transfers done by telephone, terminal, fax, wire transfer, etc? 5. Does the bank have an office in Sacramento that maintains a direct DDA banking relationship with the State Treasurer's Office and the State Controller's Office? Tab K - Overnight Sweep: (Two pages maximum.) The City would like to continue using an automatic, overnight DDA Sweep with all collected funds in excess of a peg balance swept into an investment fund. 1. Please describe the bank's DDA Sweep service. 2. Is the bank's Sweep an End -of -Day or Intra-Day Sweep? 3. What Sweep investments or funds are available for public funds clients? 4. Does the fund(s) meet the California Government Code for allowable investments? 5. What are the costs associated with Sweep (monthly maintenance, set-up charges, # of basis points spread, transaction fees)? 6. Is a peg balance required? If so, how much? What are the procedures for changing the peg? 9 City of La Quinta Banking Services RFP 7. How many of the bank's public agency clients use Sweep? Please cite three such clients. 8. Provide indicative rates on your Sweep product's fund(s) for the past six months. Tab L - Payroll Tax Processing: (One page maximum.) Please describe the bank's payroll tax withholding services and its related costs. The City requires the ability to report and pay state and federal tax withholdings automatically either by telephone or preferably by PC. Tab M - Direct Deposit of Payroll: (Two pages maximum.) Direct Deposit of Payroll is currently in place, with approximately 60 employees participating. The payroll files are sent to the bank by data transmission. 1. Please describe the bank's ACH and Direct Deposit service as it relates to this specific application. 2. What are the different ACH file transmission options available to the City? What are the transmission deadlines for Direct Deposit ACH files? 3. Please detail the bank's back-up plans for data transmissions. The City requires immediate notification of any changes or problems and the ability to re -send a file. 4. Can payroll credits be sent to employees' savings accounts? 5. What special banking programs are available to employees who use Direct Deposit? Tab N - Credit Cards: (One page maximum.) The City currently has a credit card for the City Manager with a total credit limit of $5,000.00. 1. What fees are associated with credit cards? 2. How are any transactional and billing problems resolved, and what is the turnaround for problem resolution? 10 City of La Quinta Banking Services RFP 3. How can the billing process and the application of payments be facilitated to ensure that the card users do not encounter problems while traveling on City business? Tab O - Balance Reporting: (Four pages maximum including sample reports.) The City does currently accesses daily balance reporting information daily by PC and modem. The City will require, at a minimum, prior day information for the General Account, to include summary fields of information as well as detail fields for checks paid and for each debit and credit transaction. 1. Please describe the bank's on-line information reporting system. 2. How can reports be custom-tailored for the end -user? 3. Can the City obtain current day (intra day) information? If so, please describe the service. 4. What are the computer hardware and software specifications for the bank's on- line system? 5. Please provide a sample of prior day and intra day reports that would be the best example of the system's capabilities. Include the reports in this section. Tab P - Merchant Bankcard: (Two pages maximum.) The City though not currently, but in the future may consider offering credit and debit card payment options for business licenses, permits, and Parks & Rec. 1 . Please describe the bank's Merchant Bankcard and Point -of -Sale processing capabilities. 2. Please quote a discount rate (a general range is acceptable) and any other applicable charges for the credit card processing described above. 3. How frequently are the discount rate and other fees charged to the City? Can the discount rate and any fees be applied against account analysis? Tab Q - Implementation Plan and Costs: (Two pages maximum.) The City requires a smooth and low-cost transition to a new bank or to enhanced services with the existing bank. 11 City of La Quinta Banking Services RFP 1. Please describe the bank's plan to implement the proposed services and to ensure a smooth, error -free conversion. 2. Please detail all costs associated with the conversion of all of the new services. 3. What size conversion allowance will the bank provide the City? Please state a specific dollar amount. 4. Will the bank provide on -site training for City personnel for all of the services selected? 5. Describe in detail how the bank handles problems resolution, customer service, day-to-day contact, and ongoing maintenance for governmental clients. Please be specific about exactly whom the City will be calling and working with for the above described situations. Tab R - Daily Lock Box Reporting Requirements: (Two pages maximum.) The City maintains a separate Housing Account which issues approximately 20 checks per month and maintains an average cash balance of $25,000. The City rents 50 homes to Section 8 eligible participants who deposit their monthly rental payments to a lock box account on a monthly basis. Please describe the in house or vendor providing lock box services to the bank. Tab S - Service Enhancements: (Two pages maximum.) Based on the information provided in the RFP and the bank's knowledge of the public sector, please describe any services or technological enhancements, not previously mentioned, that should be considered for further improving the effectiveness of the City's treasury management operations. 12 City of La Quinta Banking Services RFP Exhibits for Banking Services Proposal Tab T - Banking Services Bid Form Tab U - Standard Bank Fee Schedule for Government/Corporate Clients Tab V - Sample Account Analysis Statement and User's Guide Tab W - Relevant Cash Management Agreements Tab X - Bank Credit Ratings Most Current Annual report 13 City of La Quinta Banking Services RFP Exhibit T Banking Services Bid Form BANK SUMMARY ANALYSIS ACTIVITY DETAIL FOR JUNE 30, 1999 Balance Compensated Fees Unit Price Activity Service Description Volume Bid Charges ACH Express Cr/Dr - Windows 168 ACH Express Input 9 ACH Express Maintenance 1 Branch Dep-Night Drop 5,461 PC Outgoing Wires 5 Incoming Domestic Wires 3 ACH Credit Received 4 WD Items Deposited Clghse - CA 22 WD Items Deposited Lf - CA 25 WD Items Deposited On Us - CA 9 WD Items Deposited Tr - CA 8 WDDA Acct Maint W/Check Return 3. WDDA ACH Debits Received 11 WDDA Check Returned 402 WDDA Checks Paid 402 WDDA Non -Chargeable Dep Items 20 Credits Posted 23 It Dep Clghse CA Cash Vault 113 It Dep Loc Fed CA Cash Vault 200 It Dep Loc Fed CA Cash Vault 24 It Dep On -Us CA Cash Vault 77 It Dep Transit CA Cash Vault 63 PC Manager Monthly Maintenance 1 le Bal Det Rpt/Itern 249 le Bal Det Rpt/Item 247 IE + ACH Ret/Redep Rpt-1 ST Acct I E + Bal/Detail Rpt-Add' L Acct 1 IE+ Bal/Detail Rpt-1 ST Acct 1 Wf Lbx Detail Report -Per Item 51 Wf Lbx Detail Report-1 ST Acct 1 Sweep Report - Add'L Account 2 Wellstax Maintenance - Access Wellstax Quarterly Report 1 Total Balance Compensated Fees 0.00 Investable Balances Required Source: Wells Fargo Summary Analysis 09/01 /1999 1 1:51 AM City of La Quinta Banking Services RFP Exhibit V Sample Account Analysis Statement User's Guide RELATIONSHIP SUMMARY ANALYSIS ACTIVITY DETAIL Balance Compensated Fees Service Description Volume ACH Express Cr/Dr - Windows 168 ACH Express Input 9 ACH Express Maintenance 1 Branch Dep-Night Drop 5,461 PC Outgoing Wires 5 Incoming Domestic Wires 3 ACH Credit Received 4 WD Items Deposited Clghse - CA 22 WD Items Deposited Lf - CA 25 WD Items Deposited On Us - CA 9 WD Items Deposited Tr - CA 8 WDDA Acct Maint W/Check Return 3 WDDA ACH Debits Received 11 WDDA Check Returned 402 WDDA Checks Paid 402 WDDA Non -Chargeable Dep Items 20 Credits Posted 23 It Dep Clghse CA Cash Vault 113 It Dep Loc Fed CA Cash Vault 200 It Dep Loc Fed CA Cash Vault 24 It Dep On -Us CA Cash Vault 77 It Dep Transit CA Cash Vault 63 PC Manager Monthly ,Maintenance 1 le Bal Det Rpt/Itern 249 le Bal Det Rpt/Item 247 IE+ ACH Ret/Redep Rpt-1ST Acct IE+ Bal/Detail Rpt-Add'L Acct 1 IE+ Bal/Detail Rpt-1 ST Acct 1 Wf Lbx Detail Report -Per Item 51 Wf Lbx Detail Report-1 ST Acct 1 Sweep Report - Add'L Account 2 Wellstax Maintenance - Access 1 Wellstax Quarterly Report 1 Total Balance Compensated Fees Unit Activity Price Charges Source: Wells Fargo Summary Anlysis 09/01 /1999 1 1:54 AM INVESTMENT ADVISORY BOARD Correspondence & Written Material Item A Meeting Date: September 8, 1999 TITLE: Month End Cash Report - August 1999 BACKGROUND: This cash report is not a complete Treasury Report (exclude petty cash, deferred compensation and fiscal agent balances, ) but would report in a timely fashion selected cash balances. RECOMMENDATION: Information item only. ohn M. Falconed, Finance Director a) 0 C 0 0 LL a) () U) 0 C_ a) (B rn � O O J UJ or- � �0 U2< N (D 0 ti CD M 0 Ln o) co ti it Lfj O p O (Y) O � 4 M O ti � O � p c) � 0 (D (6 ai D N 04 (`! I-� (Mp pN �p M OOON�� O N cr) p (D M N N� `_ p N M O M a L6 ti ti CNp C E Ln Ln Ln 00 , r co O (pOLnNOp Oj co It V cn C,4 O m a) L - >M (M ( MN(V 100�0� r i- N N N Ln N O O O O Q� (M0. (MO. O O OOD7 Ln 0 V v �w00 O I` O I` O ` N C O N N O Lo Lo L6 LL') Cl? Cl? M pp(OM u- M co co 00 M 00 ooti ci Ln co OR. 00 M v Lf) U 0 0 0 �� cO T- e- Nt NT N CL 2)3ti � CN M rn rn rn N ti ti j 0 ' 3 N co N N 0 0 0 cc0 U-ci oo 0 cn O 0 O o O 0 O aU) Lo Lo Lo C (DD ((DD ((DD CD LL y O CO O 000 00 co 0 Lo O Ln Lf) L Ln Lo Lo Lo 0 Lo m I- co N cM N M N O O U- O 00 M O N ti ti ti r- 04 00 0 � co co co M (D CD (D cm rn Lo r- Oo 0 C) (o D? 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E � ) U �. �3� > a) O t�CD �(`p t> Q O 0 = a � H U - � F- .� cn � cu INVESTMENT ADVISORY BOARD Meeting Date: September 8, 1999 TITLE: Pooled Money Investment Board Report for May and June 1999 BACKGROUND: Correspondence & Written Material Item B The Pooled Money Investment Board Report for May and June, 1999 is included in the agenda packet. RECOMMENDATION: Receive & File jZhri M. alconer, inance Director STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT MAY 1999 TABLE OF CONTENTS SUMMARY........................................... • ............................. • . SELECTED INVESTMENT DATA.............................................2 PORTFOLIO COMPOSITION...................................................3 INVESTMENT TRANSACTIONS...............................................4 TIME DEPOSITS.... DEMAND BANK DEPOSITS...................................................20 POOLED MONEY INVESTMENT BOARD DESIGNATION .......... 21 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF MAY 1999 WITH MAY 1998 (Dollars in Thousands) Average Daily Portfolio $37,503J23 $33,209,724 +4,293,399 Accrued Earnings $162,008 $160,000 +$2,008 Effective Yield 5.086 5.673 -.587 Average Life --Month End (in days) 199 191 +8 Total Security Transactions Amount $14,332,864 $12,598,105 +$1,734,759 Number 327 302 +25 Total Time Deposit Transactions Amount $1,098,200 $590,500 +$507,700 Number 54 31 +23 Average Workday Investment Activity $771,553 $659,430 +$112,123 Prescribed Demand Account Balances For Services $179,416 $163,885 +$15,531 For Uncollected Funds $263,852 $234,382 +$29,470 5a PHILIP ANGELIDES STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Change in May 31,1999 Percent From Tyne of Security Amount Percent Previous Month Governments Bills $2,601,518 7.03 - .20 Bonds 0 0 0 Notes $3,826,280 10.33 - .29 Strips 0 0 0 Total Governments $6,427,798 17.36 - .49 Federal Agency Coupons $3,676,378 9.93 + .71 Certificates of Deposit $695629967 17.72 + .37 Bank Notes $1,318,082 3.56 + .28 Bankers Acceptances $11,736 .03 0 Repurchases 0 0 0 Federal Agency Discount Notes $4,379,671 11.83 + 1.21 Time Deposits $2,120,545 5.73 + .15 GNMA's $1,826 .01 0 Commercial Paper $9,143,213 24.69 - 2.10 FHLMC $17,086 .05 + .01 Corporate Bonds $29223,908 6.01 + .51 Pooled Loans $29219,128 5.99 - .50 GF Loans 0 0 Reversed Repurchases <1,076,175> <2.91> + .15 Total, All Types $37,026,163 100 INVESTMENT ACTIVITY May 1999 April 1999 Number Amount Number Amount Pooled Money 327 $ 1493329864 410 $ 1893609308 Other 28 $ 332,299 32 $ 125,191 Time Deposits 54 $ 1,098,200 80 $ 19298,695 TOTALS 409 $ 15,763,363 522 $ 19,784,194 PMIA Monthly Average Effective Yield 5.086 5.119 Year to Date Yield for Last Day of Month 5.370 5.403 —2— Commercial Paper 24.69% Bank Acceptc, 0.03 Pooled Money Investment Account Portfolio Composition $37 Billion Loans Reverses Corporate Loan% -2.91 % Treasuries CD's/BN's 21.28% 'ime Deposits 5.73% Mortgages 0.06% iencies 1.76% 05/31 /99 C Treasuries ® Time Deposits ■ Mortgages ® Agencies ■ CD's/BN's ® Bank Acceptances ® Repurchases 0 Commercial Paper ® Corporate Bonds 0 Loans a Reverses -3- 05/03/99 SALES Treas Notes 6.250% 05/31/99 4.698 $50,000 700 $6,077,432.07 6.341 Treas Notes 6.250% 05/31/99 4.698 50,000 700 6,077,432.07 6.341 Treas Notes 6.250% 05/31/99 4.698 50,000 700 6,077,432.07 6.341 Treas Notes 6.250% 05/31/99 4.698 50,000 700 6,086,932.07 6.352 REDEMPTIONS CD Mellon 5.000% 05/03/99 5.000 50,000 181 1,256,944.44 5.069 CP GECC 05/03/99 4.940 7,000 3 2,881.67 5.010 CP GECC 05/03/99 4.940 50,000 3 20,583.33 5.010 CP GECC 05/03/99 4.940 50,000 3 20,583.33 5.010 CP GMAC 05/03/99 4.940 50,000 3 20,583.33 5.010 CP GMAC 05/03/99 4.940 50,000 3 20,583.33 5.010 CP GMAC 05/03/99 4:940 50,000 3 20,583.33 5.010 CP Bear 05/03/99 4.790 50,000 11 73,180.56 4.863 CP Bear 05/03/99 4.790 50,000 11 73,180.56 4.863 CP GMAC 05/03/99 4.730 50,000 12 78,833.33 4.803 CP GMAC 05/03/99 4.730 50,000 12 78,833.33 4.803 CP ConAgra 05/03/99 4.930 30,000 14 57,516.67 5.008 PURCHASES BN FNB Chic 5.160% 05/05/00 5.160 50,000 BN FNB Chic 5.160% 05/05/00 5.160 50,000 CD Rabo 5.180% 03/28/00 5.180 25,000 CP GMAC 05/04/99 5.060 50,000 CP GMAC 05/04/99 5.060 50,000 CP Heller 05/17/99 4.880 50,000 CP ConAgra 05/19/99 4.930 30,000 CP JP Morgan 09/01/99 4.820 50,000 CP JP Morgan 09/01/99 4.820 50,000 Treas Bills 04/27/00 4.532 10,000 Treas Bills 04/27/00 4.532 50,000 Treas Bills 04/27/00 4.532 50,000 FFCB 5.000% 05/03/00 5.068 50,000 FFCB 5.000% 05/03/00 5.070 50,000 FFCB 5.000% 05/03/00 5.110 50,000 FFCB 5.000% 05/03/00 5.110 50,000 FHLB 5.215% 05/03/01 5.280 50,000 05/04/99 REDEMPTIONS CD U/B Calif 5.130% 05/04/99 5.130 50,000 180 1,282,500.00 5.201 CD U/B Calif 5.130% 05/04/99 5.130 50,000 180 1,282,500.00 5.201 CP GMAC 05/04/99 5.060 50,000 1 7,027.78 5.131 CP GMAC 05/04/99 5.060 50,000 1 7,027.78 5.131 PURCHASES CD Rabo 5.170% 05/03/00 5.200 50,000 am 05/04/99 PURCHASES (continued) CD BkBoston 5.210% 05/04/00 5.210 CD BkBoston 5.210% 05/04/00 5.210 CP FMCC 07/09/99 4.810 CP FMCC 07/09/99 4.810 05/05/99 RRS Treas Bills 04/27/00 4.400 Treas Bills 04/27/00 4.400 Treas Bills 04/27/00 4.400 REDEMPTIONS CD U/B Calif 5.120% 05/05/99 5.120 PURCHASES g/ CP Morg Stan 05/27/99 4.750 CP Morg Stan 05/27/99 4.750 CP Morg Stan 05/27/99 4.750 PURCHASES CP Enron 05/19/99 4.900 05/06/99 REDEMPTIONS CD Nova Scot 5.060% 05/06/99 5.060 FFCB 5.718% 05/06/99 5.700 FNMA 5.625% 05/06/99 5.700 FNMA 5.625% 05/06/99 5.700 PURCHASES CD World 4.780% 05/19/99 4.780 CD World 4.780% 05/19/99 4.780 CP Lehman 05/13/99 4.900 CP Lehman 05/13/99 4.900 CP Lehman 05/13/99 4.900 CP .Text Fin 06/03/99 4.970 05/07/99 REDEMPTIONS CD RB Canada 5.060% 05/07/99 5.050 CP Salomon 05/07/99 4.850 CP Salomon 05/07/99 4.850 FNMA 5.650% 05/07/99 .5.749 FNMA 5.570% 05/07/99 5.700 50,000 50,000 50,000 50,000 10,000 50,000 50,000 50,000 180 5,000 50,000 50,000 45,000 1,280,000.00 5.191 50,000 181 1,272,027.78 5.130 25,000 365 1,425,250.00 5.700 50,000 365 2,848,500.00 5.701 50,000 365 2,848,500.00 5.701 50,000 50,000 35,000 50,000 50,000 16,000 35,000 182 893,613.50 5.120 14,000 39 73,558.34 4.943 50,000 39 262,708.34 4.943 40,000 357 2,247,590.18 5.750 50,000 365 2,847,323.21 5.701 —5— 05/07/99 NO PURCHASES 05/10/99 RRS Treas Bills Treas Bills REDEMPTIONS CP Merrill CP Merrill CP Household CP Amer Exp CP Amer Exp CP GECC CP GECC CP ConAgra CP Country CP JP Morgan CP JP Morgan PURCHASES g/ CP FMCC CP FMCC 05/11/99 REDEMPTIONS CID, SRAC CP Text Fin CP Salomon CP Salomon PURCHASES MTN GMAC 05/12/99 REDEMPTIONS CP Amer Exp CP Amer Exp NO PURCHASES 05/13/99 REDEMPTIONS CP Lehman CP Lehman CP Lehman 02/03/00 4.250 50,000 02/03/00 4.250 50,000 05/10/99 4.830 50,000 11 73,791.67 4.904 05/10/99 4.810 50,000 12 80,166.67 4.884 05/10/99 4.770 50,000 17 112,625.00 4.847 05/10/99 4.760 50,000 19 125,611.11 4.838 05/10/99 4.760 50,000 19 125,611.11 4.838 05/10/99 4.760 50,000 19 125,611.11 4.838 05/10/99 4.760 50,000 19 125,611.11 4.838 05/10/99 4.950 48,000 31 204,600.00 5.040 05/10/99 4.870 31,300 46 194,772.94 4.968 05/10/99 4.790 50,000 115 765,069.45 4.931 05/10/99 4.790 50,000 115 765,069.45 4.931 06/11/99 4.790 50,000 06/11/99 4.790 50,000 05/11/99 4.850 50,000 12 80,833.33 4.925 05/11/99 4.970 11,309 25 39,031.76 5.056 05/11/99 5.050 50,000 175 1,227,430.56 5.248 05/11/99 5.050 50,000 175 1,227,430.56 5.248 5.600% 04/30/02 5.910 25,000 05/12/99 4.760 50,000 21 138,833.33 4.839 05/12/99 4.760 50,000 21 138,833.33 4.839 05/13/99 4.900 35,000 7 33,347.22 4.972 05/13/99 4.900 50,000 7 47,638.89 4.972 05/13/99 4.900 50,000 7 47,638.89 4.972 05/13/99 PURCHASES CP GECC 05/14/99 4.780 CP GECC 05/14/99 4.780 05/14/99 REDEMPTIONS CP GECC 05/14/99 4.780 CP GECC 05/14/99 4.780 CP Hertz 05/14/99 4.820 CP Household 05/14/99 4.770 PURCHASES CP GMAC 05/17/99 4.800 CP GMAC 05/17/99 4.800 CP GECC 05/17/99 4.780 CP GECC 05/17/99 4.780 05/15/99 REDEMPTIONS MTN FMCC 7.250% 05/15/99 5.765 MTN FMCC 7.250% 05/15/99 6.050 NO PURCHASES 05/17/99 REDEMPTIONS CP GMAC 05/17/99 4.800 CP GMAC 05/17/99 4.800 CP GECC 05/17/99 4.780 CP GECC 05/17/99 4.780 CP Heiler 05/17/99 4.880 CP FMCC 05/17/99 4.820 CP Heller 05/17/99 4.880 PURCHASES CB FMCC 6.500% 02/28/02 5.860 CD Nat W.Mstr 5.270% 05/26/00 5.315 CD Nat W.Mstr 5.270% 05/26/00 5.315 CP Armstrong 05/18/99 5.150 CP FMCC 05/18/99 5.070 CP FMCC 05/18/99 5.070 CP Country 05/28/99 4.930 CP Country 05/28/99 4.930 CP Country 05/28/99 4.930 CP Country 05/28/99 4.930 CP Heller 06/01 /99 4.890 CP Heiler 06/02/99 4.890 50,000 50,000 50,000 1 6,638.89 4.847 50,000 1 6,638.89 4.847 20,000 16 42,844.44 4.897 50,000 21 139,125.00 4.849 25,000 50,000 50,000 50,000 10,000 375 599,238.89 5.765 14,952 523 1,314,401.25 6.050 25,000 3 10,000.00 4.868 50,000 3 20,000.00 4.868 50,000 3 19,916.67 4.848 50,000 3 19,916.67 4.848 50,000 14 94,888.89 4.957 50,000 19 127,194.44 4.899 50,000 19 128,777.78 4.960 20,000 20,000 50,000 45,000 50,000 50,000 15,495 50,000 50,000 50,000 50,000 50,000 —7— 05/18/99 REDEMPTIONS CID Armstrong CID FMCC CID FMCC PURCHASES CB FMCC CID Armstrong CID Transam CID Transam CID Salomon CID Salomon CID Heller MTN GMAC 05/19/99 RRS Treas Bills Treas Bills REDEMPTIONS CD World CD World CID Transam CP Armstrong CID Transam CID Enron CID ConAgra CID Baxter CID FMCC CID FMCC PURCHASES g/ CID Morg Stan CID Morg Stan PURCHASES FNMA FNMA 05/20/99 REDEMPTIONS CD Rabo CID Bear CID Bear Disc Notes FNMA Disc Notes FNMA 05/18/99 5.150 45,000 1 6,437.50 5.222 05/18/99 5.070 50,000 1 7,041.67 5.141 05/18/99 5.070 50,000 1 7,041.67 5.141 7.750% 11 /15/02 5.930 6,095 05/19/99 4.940 30,000 05/19/99 4.870 4,000 05/19/99 4.870 50,000 06/01 /99 4.830 50,000 06/01 /99 4.830 50,000 06/02/99 4.850 50,000 5.910% 03/11 /02 5.880 8,480 12/09/99 4.350 50,000 12/09/99 4.350 50,000 4.780% 05/19/99 4.780 50,000 13 86,305.56 4.846 4.780% 05/19/99 4.780 50,000 13 86,305.56 4.846 05/19/99 4.870 4,000 1 541.11 4.938 05/19/99 4.940 30,000 1 4,116.67 5.009 05/19/99 4.870 50,000 1 6,763.89 4.938 05/19/99 4.900 45,000 14 85,750.00 4.977 05/19/99 4.930 30,000 16 65,733.33 5.009 05/19/99 4.800 40,000 28 149,333.33 4.884 05/19/99 4.790 50,000 28 186,277.78 4.874 05/19/99 4.790 50,000 28 186,277.78 4.874 06/10/99 4.810 50,000 06/10/99 4.810 50,000 5.100% 05/19/00 5.120 50,000 5.100% 05/19/00 5.120 50,000 4.960% 05/20/99 4.970 30,000 161 668,576.63 5.052 05/20/99 4.840 50,000 132 887,333.33 4.995 05/20/99 4.840 50,000 132 887,333.33 4.995 05/20/99 4.640 50,000 27 174,000.00 4.720 05/20/99 4.640 50,000 27 174,000.00 4.720 me 05/20/99 RRP Treas Notes Treas Notes PURCHASES CP Armstrong CP Text Fin CP Amer Exp CP Amer Exp CP Salomon CP Salomon CP Salomon CP FMCC CP FMCC CP Heller CP Hertz CP Baxter 05/21/99 REDEMPTIONS CP Armstrong CP Text Fin CP FMCC PURCHASES BN NationsBk BN NationsBk CD U/B Calif CD U/B Calif CP Chevron CP Merrill CP Merrill CP Merrill CP Merrill FNMA 05/24/99 REDEMPTIONS CP GECC CP GECC CP GECC CP GECC PURCHASES CD Austria CD Austria CD Stnrd Ch CD Stnrd Ch 4.875% 03/31/01 4.320 50,000 27 (162,000.00) -4.380 4.875% 03/31/01 4.320 50,000 27 (162,000.00) -4.380 05/21/99 4.750 20,500 05/21/99 4.770 40,000 06/01 /99 4.780 50,000 06/01 /99 4.780 50,000 06/02/99 4.800 30,000 06/02/99 4.800 50,000 06/02/99 4.800 50,000 06/08/99 4.800 50,000 06/08/99 4.800 50,000 06/08/99 4.800 50,000 06/10/99 4.840 20,000 06/10/99 4.830 24,000 05/21/99 4.750 20,500 1 2,704.86 4.816 05/21/99 4.770 40,000 1 5,300.00 4.836 05/21/99 4.820 50,000 23 153,972.22 4.902 5.050% 11 /24/99 5.050 25,000 5.050% 11 /24/99 5.050 50,000 5.060% 11 /24/99 5.060 50,000 5.060% 11 /24/99 5.060 50,000 06/01 /99 4.780 50,000 06/02/99 4.790 50,000 06/02/99 4.790 50,000 06/07/99 4.790 50,000 06/07/99 4.790 50,000 5.110% 05/22/00 5.160 50,000 05/24/99 4.880 35,000 180 854,000.00 5.071 05/24/99 4.880 50,000 180 1,220,000.00 5.071 05/24/99 4.880 50,000 180 1,220,000.00 5.071 05/24/99 4.880 50,000 180 1,220,000.00 5.071 5.315% 05/26/00 5.360 5.315% 05/26/00 5.360 5.320% 05/26/00 5.360 5.320% 05/26/00 5.360 50,000 50,000 50,000 50,000 05/24/99 PURCHASES (continued) CP Assoc 05/25/99 4.750 50,000 CP Assoc 05/25/99 4.750 50,000 CP Household 05/25/99 4.750 50,000 CP Household 05/25/99 4.750 50,000 CP SRAC 06/02/99 4.810 50,000 CP SRAC 06/08/99 4.810 50,000 CP FMCC 06/10/99 4.810 50,000 CP FMCC 06/10/99 4.810 50,000 CP GMAC 06/10/99 4.810 50,000 CP GMAC 06/10/99 4.810 50,000 CP Bear 08/27/99 4.880 20,000 CP Bear 08/27/99 4.880 50,000 Disc Notes FHLB 05/18/00 4.900 35,000 Disc Notes FHLB 05/18/00 4.900 50,000 Disc Notes FNMA 05/18/00 4.900 50,000 Disc Notes FNMA 05/18/00 4.900 50,000 05/25/99 REDEMPTIONS CD Svenska 5.760% 05/25/99 5.040 25,000 200 721,027.24 5.246 CP Assoc 05/25/99 4.750 50,000 1 6,597.22 4.816 CP Assoc 05/25/99 4.750. 50,000 1 6,597.22 4.816 CP Household 05/25/99 4.750 50,000 1 6,597.22 4.816 CP Household 05/25/99 4.750 50,000 1 6,597.22 4.816 Disc Notes FNMA 05/25/99 5.260 50,000 336 2,454,666.67 5.608 Disc Notes FNMA 05/25/99 5.260 50,000 336 2,454,666.67 5.608 PURCHASES CD CIBC 5.300% 05/26/00 5.350 30,000 CP GMAC 05/26/99 4.690 50,000 CP GMAC 05/26/99 4.690 50,000 CP GMAC 05/26/99 4.690 50,000 CP GMAC 05/26/99 4.690 50,000 CP ConAgra 05/26/99 4.770 50,000 CP W/F 06/01/99 4.770 40,000 CP W/F 06/01/99 4.770 50,000 CP FMCC 06/01/99 4.760 50,000 CP FMCC 06/01/99 4.760 50,000 CP Heller 07/01/99 4.900 50,000 CP JC Penney 07/28/99 5.060 20,000 CP B/A 11/18/99 4.940 50,000 MTN GMAC 9.375% 04/01 /00 5.331 36,150 MTN FR IBM 5.038% 05/25/01 5.047 50,000 05/26/99 RRS Treas Bills Treas Bills 02/03/00 4.300 50,000 02/03/00 4.300 50,000 - -- T. --- - —10- 05/26/99 REDEMPTIONS CID Morg Stan 05/26/99 4.850 50,000 65 437,847.20 4.960 CID Morg Stan 05/26/99 4.850 50,000 65 437,847.20 4.960 CID GMAC 05/26/99 4.690 50,000 1 6,513.89 4.755 CID GMAC 05/26/99 4.690 50,000 1 6,513.89 4.755 CID GMAC 05/26/99 4.690 50,000 1 6,513.89 4.755 CID GMAC 05/26/99 4.690 50,000 1 6,513.89 4.755 CID ConAgra 05/26/99 4.770 50,000 1 6,625.00 4.836 CID GMAC 05/26/99 4.790 50,000 33 219,541.67 4.877 CID GMAC 05/26/99 4.790 50,000 33 219,541.67 4.877 CID Bear 05/26/99 4.820 18,000 41 98,810.00 4.913 CID Bear 05/26/99 4.820 50,000 41 274,472.22 4.913 CID Lehman 05/26/99 4.920 50,000 43 292,638.89 4.997 CID ConAgra 05/26/99 4.920 50,000 43 293,833.33 5.017 CID FMCC 05/26/99 4.820 25,000 62 207,527.78 4.927 CID FMCC 05/26/99 4.820 50,000 62 415,055.56 4.927 CID FMCC 05/26/99 4.820 50,000 62 415,055.56 4.927 CID FMCC 05/26/99 4.820 50,000 62 415,055.56 4.927 CID GECC 05/26/99 4.820 50,000 96 642,666.67 4.950 CID GECC 05/26/99 4.820 50,000 96 642,666.67 4.950 CID GECC 05/26/99 4.960 50,000 149 1,026,444.44 5.134 CID GECC 05/26/99 4.960 50,000 149 1,026,444.44 5.134 CID U/B Calif 05/26/99 4.920 50,000 174 1,189,000.00 5.109 CID U/B Calif 05/26/99 5.000 50,000 175 1,215,277.80 5.195 CID U/B Calif 05/26/99 5.000 50,000 175 1,215,277.80 5.195 CID FMCC 05/26/99 4.910 50,000 176 1,200,222.22 5.100 Disc Notes FHLB 05/26/99 4.770 24,850 182 599,257.75 4.955 RRP Treas Bills 02/03/00 4.500 50,000 65 (389,390.62) -4.562 Treas Bills 02/03/00 4.500 50,000 65 (389,390.62) -4.562 PURCHASES gl Disc Notes FNMA 06/25/99 4.670 50,000 Disc Notes FNMA 06/25/99 4.670 50,000 05/27/99 RRS Treas Bills 02/03/00 4.150 40,000 Treas Bills 02/03/00 4.150 50,000 Treas Bills 04/27/00 4.440 10,000 Treas Bills 04/27/00 4.440 50,000 Treas Bills 04/27/00 4.440 50,000 REDEMPTIONS BN NationsBk 5.000% 05/27/99 5.000 50,000 205 1,423,611.11 5.069 BN NationsBk 5.000% 05/27/99 5.000 50,000 205 1,423,611.11 5.069 CD U/B Calif 5.060% 05/27/99 5.060 50,000 204 1,433,666.67 5.130 —11— 05/27/99 REDEMPTIONS (continued) CD U/B Calif 5.060% 05/27/99 5.060 50,000 204 1,433,666.67 5.130 CD Barclays 4.860% 05/27/99 4.850 50,000 72 485,009.61 4.917 CD Barclays 4.860% 05/27/99 4.850 50,000 72 485,009.61 4.917 CD Barclays 4.870% 05/27/99 4.860 50,000 79 533,261.59 4.927 CD Barclays 4.870% 05/27/99 4.860 50,000 79 533,261.59 4.927 CP Morg Stan 05/27/99 4.750 5,000 22 14,513.89 4.829 CP Morg Stan 05/27/99 4.750 50,000 22 145,138.90 4.829 CP Morg Stan 05/27/99 4.750 50,000 22 145,138.90 4.829 CP Morg Stan 05/27/99 4.854 10,000 72 97,080.00 4.969 CP Morg Stan 05/27/99 4.854 50,000 72 485,400.00 4.969 Treas Bills 05/27/99 4.430 50,000 196 1,205,944.50 4.602 Treas Bills 05/27/99 5.170 50,000 341 2,520,375.00 5.681 Treas Bills 05/27/99 5.170 50,000 341 2,520,375.00 5.681 Treas Bills 05/27/99 5.130 10,000 343 488,775.00 5.468 Treas Bills 05/27/99 5.130 50,000 343 2,443,875.00 5.468 Treas Bills 05/27/99 5.130 50,000 343 2,443,875.00 5.468 RRP Treas Bills 05/27/99 4.600 50,000 79 (499,680.05) -4.663 Treas Bills 05/27/99 4.600 50,000 79 (499,680.05) -4.663 Treas Bills 05/27/99 4.540 50,000 72 (449,914.00) -4.603 Treas Bills 05/27/99 4.540 50,000 72 (449,914.00) -4.603 Treas Bills 05/27/99 4.550 10,000 72 (90,181.00) -4.613 Treas Bills 05/27/99 4.550 50,000 72 (450,905.00) -4.613 Treas Bills 04/27/00 4.400 10,000 22 (25,638.55) -4.461 Treas Bills 04/27/00 4.400 50,000 22 (128,192.78) -4.461 Treas Bills 04/27/00 4.400 50,000 22 (128,192.78) -4.461 PURCHASES g/ Disc Notes FHLMC 06/30/99 4.710 40,000 Disc Notes FHLMC 06/30/99 4.710 50,000 Disc Notes FNMA 06/23/99 4.730 10,000 Disc Notes FNMA 06/23/99 4.730 50,000 Disc Notes FNMA 06/23/99 4.730 50,000 PURCHASES CD U/B Calif 5.030% 10/27/99 5.030 50,000 ' CD U/B Calif 5.030% 10/27/99 5.030 50,000 CP FMCC 05/28/99 4.880 50,000 CP FMCC 05/28/99 4.880 50,000 CP GECC 06/08/99 4.880 50,000 CP GECC 06/08/99 4.880 50,000 Disc Notes FHLB 05/19/00 4.950 50,000 Disc Notes FHLB 05/19/00 4.950 50,000 FR SBA 5.125% 10/25/24 5.123 5,617 —12- 05/28/99 REDEMPTIONS CD FNB Chic 5.000% .05/28/99 5.000 50,000 151 1,048,611.11 5.103 CP FMCC 05/28/99 4.880 50,000 1 6,777.78 4.948 CP FMCC 05/28/99 4.880 50,000 1 6,777.78 4.948 CP Country 05/28/99 4.930 15,495 11 23,341.50 5.006 CP Country 05/28/99 4.930 50,000 11 75,319.44 5.006 CP Country 05/28/99 4.930 50,000 11 75,319.44 5.006 CP Country 05/28/99 4.930 50,000 11 75,319.44 5.006 Cp Merrill 05/28/99 4.800 50,000 29 193,333.33 4.885 CP GMAC 05/28/99 4.790 50,000 35 232,847.22 4.879 CP GMAC 05/28/99 4.790 50,000 35 232,847.22 4.879 CP ConAgra 05/28/99 4.940 35,000 43 206,519.44 5.038 CP Lehman 05/28/99 4.900 40,000 49 266,777.78 5.001 CP Lehman 05/28/99 4.900 50,000 50 340,277.78 5.002 CP Lehman 05/28/99 4.900 50,000 50 340,277.78 5.002 CP Lehman 05/28/99 4.900 50,000 60 408,333.33 5.008 PURCHASES CP Armstrong 06/01 /99 5.100 30,000 CP GMAC 08/06/99 4.900 30,000 CP GMAC 08/06/99 4.900 50,000 CP GECC 08/10/99 4.900 50,000 CP GECC 08/10/99 4.900 50,000 MTN GMAC 9.625% 05/15/00 5.404 5,000 MTN FIR GMAC 5.100% 08/18/03 5.042 10,000 —13— a/ The abbreviations indicate the type of security purchased or sold; i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes, and Participation Certificates: Federal National Mortgage Association (FNMA), Farmers Home Administration Notes (FHA), Student Loan Marketing Association (SLMA), Small Business Association (SBA), Negotiable Certificates of Deposit (CD), Negotiable Certificates of Deposit Floating Rate (CD FR), Export Import Notes (EXIM), Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA) Medium Term Notes (MTN). h/ Purchase or sale yield based on 360 day calculation for discount obligations and Repurchase Agreements. c/ Repurchase Agreement. d/ Par amount of securites purchased, sold, or redeemed. e/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. —14— East West Bank 04/01/99 4.530 8,000,000.00 07/01/99 East West Bank 04/07/99 4.430 35,000,000.00 07/06/99 East West Bank 04/15/99 4.300 27,000,000.00 07/16/99 East West Bank 05/13/99 4.630 38,000,000.00 08/17/99 City National Bank 03/15/99 4.630 20,000,000.00 06/15/99 City National Bank 01/27/99 4.480 10,000,000.00 07/27/99 City National Bank 05/19/99 4.820 20,000,000.00 02/28/00 City National Bank 03/31/99 4.740 50,000,000.00 03/31/00 City National Bank 05/04/99 4.820 25,000,000.00 05/03/00 CAMERON PARK Western Sierra National Bank 05/06/99 4.850 3,000,000.00 08/04/99 North State National Bank 08/24/98 5.190 1,000,000.00 08/24/99 North State National Bank 03/02/99 4.760 1,000,000.00 08/30/99 North State National Bank 03/09/99 4.740 500,000.00 09/07/99 North State National Bank 04/05/99 4.530 1,000,000.00 10/04/99 North State National Bank 04/06/99 4.730 1,000,000.00 04/06/00 Tri Counties Bank 03/11/99 4.630 10,000,000.00 06/11/99 Tri Counties Bank 03/18/99 4.640 10,000,000.00 06/18/99 Tri Counties Bank 03/23/99 4.540 10,000,000.00 06/22/99 Tri Counties Bank 04/15/99 4.330 10,000,000.00 07/14/99 Imperial Bank 01/20/99 4.510 25,000,000.00 06/09/99 Imperial Bank 02/09/99 4.570 20,000,000.00 06/14/99 Imperial Bank 01/04/99 4.760 25,000,000.00 06/28/99 Imperial Bank 03/09/99 4.640 50,000,000.00 07/15/99 Imperial Bank 04/01/99 4.500 18,000,000.00 07/29/99 Imperial Bank 03/16/99 4.650 11,000,000.00 08/12/99 Imperial Bank 03/24/99 4.550 15,000,000.00 08/12/99 Imperial Bank 02/23/99 4.690 25,000,000.00 08/23/99 Imperial Bank 04/26/99 4.580 25,000,000.00 09/16/99 Imperial Bank 05/12/99 4.690 18,000,000.00 09/23/99 Imperial Bank 04/15/99 4.550 20,000,000.00 10/14/99 Imperial Bank 05/25/99 4.750 25,000,000.00 10/21/99 Imperial Bank 05/19/99 4.860 25,000,000.00 11 /18/99 -15- Community Bank 12/15/98 4.570 10,000,000.00 06/14/99 Community Bank 12/22/98 4.540 5,000,000.00 06/22/99 Community Bank 01/11/99 4.530 20,000,000.00 07/13/99 Community Bank 02/08/99 4.570 15,000,000.00 08/11/99 Community Bank 04/28/99 4.600 5,000,000.00 10/25/99 General Bank 02/17/99 4.500 28,000,000.00 06/02/99 General Bank 04/08/99 4.440 7,000,000.00 07/20/99 General Bank 04/16/99 4.300 15,000,000.00 07/27/99 General Bank 04/30/99 4.540 15,000,000.00 08/03/99 General Bank 02/08/99 4.580 25,000,000.00 08/13/99 General Bank 05/27/99 4.650 10,000,000.00 09/09/99 Preferred Bank 03/17/99 4.590 9,000,000.00 06/15/99 Preferred Bank 03/24/99 4.520 9,000,000.00 06/22/99 Preferred Bank 03/30/99 4.520 3,000,000.00 06/28/99 Preferred Bank 04/15/99 4.320 3,000,000.00 07/16/99 Preferred Bank 05/20/99 4.640 4,000,000.00 08/18/99 Preferred Bank 05/25/99 4.620 2,000,000.00 08/26/99 PFF Bank and Trust 03/09/99 4.800 10,000,000.00 06/08/99 PFF Bank and Trust 05/25/99 4.900 8,000,000.00 11/30/99 Bank of Petaluma 02/09/99 4.600 1,000,000.00 08/10/99 Mechanics Bank of Richmond 03/08/99 4.840 10,000,000.00 03/07/00 Mechanics Bank of Richmond 04/05/99 4.740 10,000,000.00 04/04/00 Mechanics Bank of Richmond 05/06/99 4.810 10,000,000.00 05/05/00 River City Bank 01/13/99 4.550 5,000,000.00 07/13/99 River City Bank 01/20/99 4.500 5,000,000.00 07/30/99 River City Bank 02/17/99 4.600 5,000,000.00 08/18/99 ' Sanwa Bank of California 01/05/99 4.430 10,000,000.00 07/15/99 Sanwa Bank of California 01/27/99 4.480 5,000,000.00 07/27/99 Sanwa Bank of California 02/03/99 4.590 7,000,000.00 08/03/99 Sanwa Bank of California 02/17/99 4.590 50,000,000.00 08/16/99 Sanwa Bank of California 02/19/99 4.650 10,000,000.00 08/23/99 Union Bank of California 03/30/99 4.520 100,000,000.00 06/28/99 Union Bank of California 04/29/99 4.530 50,000,000.00 07/28/99 Union Bank of California 05/04/99 4.600 100,000,000.00 08/03/99 Union Bank of California 05/18/99 4.690 50,000,000.00 08/17/99 -16- Bank of Salinas 03/15/99 4.630 12,000,000.00 06/15/99 Bank of Salinas 04/22/99 4.390 8,000,000.00 07/22/99 SAN DIEGO Bay Bank of Commerce 02/03/99 4.590 10,000,000.00 08/03/99 Bay Bank of Commerce 04/07/99 4.53 5,000,000.00 4/29/00 San Diego First Bank 12/01/98 4.520 1,500,000.00 06/01/99 San Diego First Bank 12/22/98 4.610 1,500,000.00 06/22/99 San Diego First Bank 05/06/99 4.630 1,000,000.00 08/04/99 Bank of Canton California 12/01/98 4.620 5,000,000.00 06/01/99 Bank of Canton California 12/04/98 4.500 5,000,000.00 06/02/99 Bank of Canton California 01/21/99 4.470 5,000,000.00 07/21/99 Bank of Canton California 03/05/99 4.750 5,000,000.00 09/01/99 Bank of Canton California 03/16/99 4.710 5,000,000.00 09/13/99 Bank of Canton California 05/06/99 4.810 5,000,000.00 05/05/00 Bank of Canton California 05/13/99 4.780 5,000,000.00 05/12/00 Bank of the West 06/08/98 5.440 25,000,000.00 06/08/99 Bank of the West 04/06/99 4.430 14,000,000.00 07/07/99 Bank of the West 04/01/99 4.530 20,000,000.00 07/07/99 Bank of the West 04/14/99 4.330 25,000,000.00 07/13/99 Bank of the West 07/13/98 5.350 25,000,000.00 07/13/99 Bank of the West 01/04/00 4.480 25,000,000.00 07/21/99 Bank of the West 04/29/99 4.760 51,500,000.00 04/29/00 Bank of the West 05/19/99 4.890 30,000,000.00 05/25/00 Bank of the West 05/26/99 4.860 87,000,000.00 05/25/00 California Federal Bank 03/31/99 4.550 3,000,000.00 06/29/99 California Federal Bank 04/15/99 4.310 100,000,000.00 07/16/99 California Federal Bank 04/06/99 4.480 5,000,000.00 10/04/99 Cupertino National Bank 01/22/99 4.490 20,000,000.00 07/22/99 Mid -Peninsula Bank 01/27/99 4.490 15,000,000.00 07/27/99 Oceanic Bank 03/05/99 4.920 2,000,000.00 03/07/00 Oceanic Bank 03/12/99 4.780 2,000,000.00 03/15/00 Trans Pacific National Bank 03/15/99 4.800 800,000.00 09/13/99 United Commercial Bank 03/23/99 4.540 20,000,000.00 06/21/99 United Commercial Bank 04/07/99 4.440 20,000,000.00 07/06/99 United Commercial Bank 05/11/99 4.640 20,000,000.00 08/13/99 -17- NAME SAN LUIS OBISPO First Bank of San Luis Obispo First Bank of San Luis Obispo First Bank of San Luis Obispo First Bank of San Luis Obispo First Bank of San Luis Obispo SAN RAFAEL Westamerica Bank Westamerica Bank Westamerica Bank Westamerica Bank Grand National Bank Grand National Bank Grand National Bank Grand National Bank SANTA BARBARA Santa Barbara Bank & Trust Santa Barbara Bank & Trust Santa Barbara Bank & Trust Santa Barbara Bank & Trust Santa Barbara Bank & Trust Santa Barbara Bank & Trust Coast Commercial Bank Coast Commercial Bank North Valley Bank Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank Oak Valley Community Bank 04/06/99 4.440 1,000,000.00 07/06/99 04/28/99 4.540 1,000,000.00 07/30/99 05/04/99 4.620 3,600,000.00 08/02/99 05/12/99 4.640 2,000,000.00 08/10/99 05/24/99 4.630 2,500,000.00 08/24/99 04/21 /99 4.440 25,000,000.00 07/20/99 04/22/99 4.440 25,000,000.00 07/21/99 04/28/99 4.530 25,000,000.00 07/27/99 05/11/99 4.630 50,000,000.00 08/13/99 03/09/99 4.670 3,000,000.00 06/08/99 01 /04/99 4.610 95,000.00 07/07/99 04/15/99 4.330 2,000,000.00 07/16/99 10/15/98 4.180 1,000,000.00 10/15/99 03/02/99 4.730 5,000,000.00 06/01 /99 03/16/99 4.640 5,000,000.00 06/14/99 04/07/99 4.440 5,000,000.00 07/06/99 04/09/99 4.440 10,000,000.00 07/08/99 04/15/99 4.340 5,000,000.00 07/16/99 05/11 /99 4.640 5,000,000.00 08/13/99 03/23/99 4.520 5,000,000.00 06/15/99 03/17/99 4.600 15,000,000.00 06/15/99 03/23/99 4.780 02/08/99 4.600 03/24/99 4.580 03/30/99 4.630 03/30/99 4.750 05/06/99 4.830 3,000,000.00 03/22/00 500,000.00 08/10/99 1,000,000.00 09/20/99 1,000,000.00 01 /31 /00 1,000,000.00 03/31 /00 500,000.00 05/22/00 —18— NAME TORRANCE China Trust Bank (USA) TIME DEPOSIT DEPOSIT DATE 03/10/99 YIELD 4.650 PAR AMOUNT (S) MATURITY 10,000,000.00 DATE 06/08/99 China Trust Bank (USA) 03/16/99 4.640 10,000,000.00 06/14/99 China Trust Bank (USA) 03/24/99 4.540 5,000,000.00 06/22/99 China Trust Bank (USA) 03/31 /99 4.550 10,000,000.00 06/29/99 China Trust Bank (USA) 04/28/99 4.540 15,000,000.00 07/27/99 South Bay Bank 12/15/98 4.640 2,000,000.00 06/15/99 South Bay Bank 01/20/99 4.550 1,000,000.00 07/21/99 South Bay Bank 05/06/99 4.780 2,000,000.00 11/02/99 Sunwest Bank 04/07/99 4.430 3,300,000.00 07/06/99 Sunwest Bank 04/13/99 4.410 3,500,000.00 07/12/99 Sunwest Bank 04/21/99 4.350 1,000,000.00 07/20/99 VICTORVILLE Citizens Business Bank 12/16/98 4.570 10,000,000.00 06/16/99 Citizens Business Bank 01 /05/99 4.640 5,000,000.00 07/07/99 Citizens Business Bank 04/07/99 4.720 10,000,000.00 07/27/99 Citizens Business Bank 02/08/99 4.580 10,000,000.00 08/10/99 Citizens Business Bank 03/09/99 4.850 5,000,000.00 03/08/00 Citizens Business Bank 03/23/99 4.780 10,000,000.00 03/22/00 WALNUT CREEK Saratoga National Bank 12/21 /98 4.610 1,750,000.00 06/22/99 Saratoga National Bank 04/01 /99 4.610 5,000,000.00 10/01 /99 TOTAL TIME DEPOSITS AS OF MAY 31,1999 2,120,545,000.00 —19— DEMAND BANK DEPOSITS (000 omitted) DAILY BALANCES WARRANTS MAY PER BANKS OUTSTANDING 1. $6489017 $291629043 2. 6489017 291629043 3. 5519074 194349426 4. 6273,591 195279348 5. 4489632 13,6119,755 6. 1979,594 196529543 7. 2659842 19556,322 8. 2659842 195569,322 9. 2659,842 195565,322 10. 2409144 194879,984 11. 2809443 194129301 12. 4609465 194349180 13. 5133,604 19,669,006 14. 6239088 196459216 15. 6239088 196451,216 16. 6239088 196453,041 17. 5789774 194259,627 18• 5019671 19365,502 19. 509,817 19,436,790 20. 683,284 199889824 21 • 6419249 198959981 22. 6419249 198959981 23. 641,249 198959981 24• 5373,959 13,5679027 25. 5389827 196253,620 26• 3629449 19,5469,693 27. 4159834 195659894 28. 8049987 13,6899479 29. 8043,987 196899479 30. 8049987 196893,479 31. 8049987 196943,286 a/ AVERAGE DOLLAR DAYS $5349022 a/ The prescribed bank balance for MAY was $443,268. This consisted of $157,586 in compensating balances for services, $274,767 uncollected funds and a deduction of $10,915 for December delayed deposit credit. -20- DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1599 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on May 19, 1999, has determined and designated the amount of money available for deposit and investment under said sections. In accordance with sections 16480.1 and 16480.2 of the Government Code, it is the intent that the money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested in securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management, and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loan associ- ations, and for investment in securities and the type of such deposits and investments as follows: 1. In accordance with law, for deposit in demand bank accounts as Compensating Balance for Services $ 218,127,000 The active noninterest-bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From To Transactions ( 1) 05/17/99 05/21/99 $ 304,600,000 Time Deposits in various Financial Institutions In Securities (sections 16503a (section 16430)* and 16602)* $ 31,822,855,000 $ 2,120,545,000 Estimated Total $ 33,943,400,000 (2) 05/24/99 05/28/99 $ (112,000,000) $ 31,710,855,000 $ 2,120,545,000 $ 33,831,400,000 (3) 05/31/99 06/04/99 $ (626,800,000) $ 31,084,055,000 $ 2,120,545,000 $ 33,204,600,000 (4) 06/07/99 06/11/99 $ 270,500,000 $ 31,354,555,000 $ 2,120,545,000 $ 33,475,100,000 (5) 06/14/99 06/18/99 $ 2,778,200,000 $ 34,132,755,000 $ 2,120,545,000 $ 36,253,300,000 From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in prime commercial paper under section 16430(e), Government Code. Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the amounts and for the same types of investments as specifically designated above. Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by which the bank accounts under paragraph 1 would otherwise be reduced below the calendar month average balance of $ 218,127,000. POOLED MO INVESTMENT BOARD: Chairperson tber Dated: May 19, 1999 *Government Code Member 5 `:�` -21- STATE OF CALIFORNIA STATE TREASURER'S OFFICE POOLED MONEY INVESTMENT BOARD REPORT JUNE 1999 TABLE OF CONTENTS SUMMARY...........................................................................1 SELECTED INVESTMENT DATA.............................................2 PORTFOLIO COMPOSITION...................................................3 INVESTMENT TRANSACTIONS...............................................4 TIMEDEPOSITS..................................................................19 DEMAND BANK DEPOSITS...................................................24 POOLED MONEY INVESTMENT BOARD DESIGNATION .......... 25 POOLED MONEY INVESTMENT ACCOUNT SUMMARY OF INVESTMENT DATA A COMPARISON OF DUNE 1999 WITH DUNE 1998 (Dollars in Thousands) Average Daily Portfolio $37,534,707 $33,843,340 +$3,691,367 Accrued Earnings $157,192 $157,742 -550 Effective Yield 5.095 5.671 -.576 Average Life --Month End (in days) 206 212 -6 Total Security Transactions . Amount $24,644,575 $26,644,272 -$1,999,697 Number 547 591 -44 Total Time Deposit Transactions Amount $917,095 $542,3 80 +$374,715 Number 75 56 +19 Average Workday Investment Activity $1,161,894 $1,235,757 -$73,863 Prescribed Demand Account Balances For Services $175,403 $168,322 +$7,081 For Uncollected Funds $175,794 $177,571 -$1,777 —1— PHILIP ANGELIDES STATE TREASURER STATE OF CALIFORNIA INVESTMENT DIVISION SELECTED INVESTMENT DATA ANALYSIS OF THE POOLED MONEY INVESTMENT ACCOUNT PORTFOLIO (000 OMITTED) Change in June 30,1999 Percent From Type of Security Amount Percent Previous Month Governments Bills $2,355,125 6.42 - -.61 Bonds 0 0 0 Notes $3,6489970 9.94 - .39 Strips 0 0 0 Total Governments $6,0049095 16.36 - -1.00 Federal Agency Coupons $356015017 9.81 - .12 Certificates of Deposit $5,569,856 15.18 - 2.54 Bank Notes $1,2679962 3.45 - .11 Bankers Acceptances 0 0 - .03 Repurchases 0 0 0 Federal Agency Discount Notes $3,8299831 10.43 - 1.40 Time Deposits $2,140,140 5.83 + .10 GNMA's $1,809 .01 0 Commercial Paper $1090029461 27.25 + 2.56 FHLMC $16,565 .05 0 Corporate Bonds $2,3095833 6.29 + .28 Pooled Loans $1,958,595 5.34 - .65 GF Loans 0 0 0 Reversed Repurchases 0 0 - 2.91 Total, All Types $369702,164 100 INVESTMENT ACTIVITY June 1999 May 1999 Number Amoi n Number Amount Pooled Money 547 $ 249644,575 327 $ 14,332,864 Other 20 $ 7,215 28 $ 332,299 Time Deposits 75 $ 9179095 54 $ 19098,200 . TOTALS 642 $ 25,5689885 409 $ 15,763,363 PMIA Monthly Average Effective Yield 5.095 5.086 Year to Date Yield for Last Day of Month 5.344 5370 —2— Commercial Paper 27.25% Pooled Money Investment Account Portfolio Composition $36.7 Billion Loans Corporate 5.34% Treasuries Rnnric n in �f-%ei CD's/BN's 18.63% ime Deposits 5.83% Mortgages 0.06% lencies 3.24% 06/30/99 C Treasuries ®Time Deposits ■ Mortgages ® Agencies B CD's/BN's ® Bank Acceptances ® Repurchases 0 Commercial Paper ® Corporate Bonds ❑ Loans 0 Reverses -3- 06/01/99 REDEMPTIONS CP Armstrong 06/01/99 5.100 $30,000 4 $17,000.00 5.173 CP W/F 06/01/99 4.770 40,000 7 37,100.00 4.840 CP W/F 06/01/99 4.770 50,000 7 46,375.00 4.840 CP FMCC 06/01/99 4.760 50,000 7 46,277.78 4.830 CP FMCC 06/01/99 4.760 50,000 7 46,277.78 4.830 CP Chevron 06/01/99 4.780 50,000 11 73,027.78 4.853 CP Amer Exp 06/01/99 4.854 50,000 12 79,666.67 4.854 CP Amer Exp 06/01/99 4.85.4 50,000 12 79,666.67 4.854 CP Salomon 06/01/99 4.830 50,000 14 93,916.67 4.906 CP Salomon 06/01/99 4.830 50,000 14 93,916.67 4.906 CP Heller 06/01/99 4.890 50,000 15 101,875.00 4.968 CP Morg Stan 06/01/99 4.790 50,000 33 219,541.67 4.877 CP Bear 06/01/99 4.810 50,000 33 220,458.33 4.898 CP ConAgra 06/01/99 4.910 25,000 34 115,930.56 5.001 CP ConAgra 06/01/99 4.910 50,000 34 231,861.11 5.001 CP GMAC 06/01/99 4.790 30,000 39 155,675.00 4.881 CP GMAC 06/01/99 4.790 50,000 39 259,458.33 4.881 CP GMAC 06/01/99 4.790 50,000 39 259,458.33 4.881 CP FMCC 06/01/99 4.780 50,000 40 265,555.56 4.872 CP FMCC 06/01/99 4.780 50,000 40 265,555.56 4.872 CP Heller 06/01/99 4.850 25,000 47 158,298.61 4.948 Disc Notes FNMA 06/01/99 5.250 50,000 342 2,493,750.00 5.602 Disc Notes FNMA 06/01/99 5.250 50,000 342 2,493,750.00 5.602 PURCHASES CP Enron 06/02/99 5.150 25,000 CP GECC 06/02/99 5.090 25,000 CP GECC 06/02/99 5.090 50,000 CP GECC 06/02/99 5.090 50,000 CP GECC 06/02/99 5.090 50,000 CP GMAC 06/02/99 5.090 50,000 CP GMAC 06/02/99 5.090 50,000 CP FMCC 06/03/99 5.000 24,000 CP FMCC 06/03/99 5.000 50,000 CP ConAgra 06/04/99 5.090 27,000 CP ConAgra 06/04/99 5.090 50,000 06/02/99 REDEMPTIONS CP Enron 06/02/99 5.150 25,000 1 3,576.39 5.222 CP GECC 06/02/99 5.090 25,000 1 3,534.72 5.161 CP GECC 06/02/99 5.090 50,000 1 7,069.44 5.161 CP GECC 06/02/99 5.090 50,000 1 7,069.44 5.161 CP GECC 06/02/99 5.090 50,000 1 7,069.44 5.161 CP GMAC 06/02/99 5.090 50,000 1 7,069.44 5.161 CP GMAC 06/02/99 5.090 50,000 1 7,069.44 5.161 CP SRAC 06/02/99 4.810 50,000 9 60,125.00 4.882 CP Merrill 06/02/99 4.790 50,000 12 79,833.33 4.864 CP Merrill 06/02/99 4.790 50,000 12 79,833.33 4.864 Wa 06/02/99 REDEMPTIONS continued CP Salomon 06/02/99 4.800 30,000 13 52,000.00 4.875 CP Salomon 06/02/99 4.800 50,000 13 86,666.67 4.875 CP Salomon 06/02/99 4.800 50,000 13 86,666.67 4.875 CP Heller 06/02/99 4.850 50,000 15 101,041.67 4.927 CP Heller 06/02/99 4.890 50,000 16 108,666.67 4.968 CP FMCC 06/02/99 4.830 20,000 180 483,000.00 5.018 CP Hertz 06/02/99 4.920 30,000 180 738,000.00 5.114 NO PURCHASES 06/03/99 REDEMPTIONS CP FMCC 06/03/99 5.000 24,000 2 6,666.67 5.070 CP FMCC 06/03/99 5.000 50,000 2 13,888.89 5.070 CP Text Fin 06/03/99 4.970 16,000 28 61,848.89 5.058 PURCHASES CP GMAC 08/27/99 4.940 46,000 CP GMAC 08/27/99 4.940 50,000 CP GMAC 08/27/99 4.940 50,000 CP GECC 08/27/99 4.930 50,000 CP GECC 08/27/99 4.930 50,000 CP GECC 08/27/99 4.930 50,000 CP Lehman 08/27/99 5.000 50,000 CP Lehman 08/27/99 5.000 50,000 06/04/99 REDEMPTIONS CP ConAgra 06/04/99 5.090 27,000 3 11,452.50 5.162 CP ConAgra 06/04/99 5.090 50,000 3 21,208.33 5.162 CP Hertz 06/04/99 4.810 50,000 52 347,388.89 4.910 Disc Notes FNMA 06/04/99 4.940 50,000 261 1,790,750.00 5.194 Disc Notes FNMA 06/04/99 4.940 50,000 261 1,790,750.00 5.194 PURCHASES CP Assoc 06/07/99 4.680 50,000 CP Assoc 06/07/99 4.680 50,000 CP Assoc 06/07/99 4.680 50,000 CP FMCC 06/08/99 4.700 50,000 CP FMCC 06/08/99 4.700 50,000 CP FMCC 06/08/99 4.700 50,000 CP FMCC 06/08/99 4.700 50,000 CP FMCC 06/08/99 4.700 50,000 CP FMCC 06/08/99 4.700 50,000 CP Hertz 06/08/99 4.710 50,000 CP GMAC 08/18/99 4.940 50,000 CP GMAC 08/18/99 4.940 50,000 CP GMAC 08/24/99 4.940 50,000 —5— 06/04/99 PURCHASES continued CI' GMAC 08/24/99 4.940 50,000 CI' GECC 10/08/99 5.000 50,000 CID GECC 10/08/99 5.000 50,000 CID GECC 10/08/99 5.000 50,000 CI' GECC 10/08/99 5.000 50,000 CID GECC 10/13/99 5.000 50,000 CID GECC. 10/13/99 5.000 50,000 06/07/99 REDEMPTIONS CID Assoc 06/07/99 4.680 50,000 3 19,500.00 4.746 CID Assoc 06/07/99 4.680 50,000 3 19,500.00 4.746 CI' Assoc 06/07/99 4.680 50,000 3 19,500.00 4.746 CID Merrill 06/07/99 4.790 50,000 17 113,097.22 4.867 CID Merrill 06/07/99 4.790 50,000 17 113,097.22 4.867 Disc Notes FNMA 06/07/99 4.650 50,000 248 1,601,666.67 4.870 Disc Notes FNMA 06/07/99 4.650 50,000 248 1,601,666.67 4.870 PURCHASES CID Assoc 06/08/99 4.760 50,000 CID Assoc 06/08/99 4.760 50,000 CID Assoc 06/08/99 4.760 50,000 CID Assoc 06/08/99 4.760 50,000 CID FMCC 06/09/99 4.720 8,000 CID FMCC 06/09/99 4.720 50,000 CID FMCC 06/09/99 4.720 50,000 CID Heller 07/02/99 4.950 50,000 CID ConAgra 07/15/99 5.050 43,026 06/08/99 REDEMPTIONS CD Bayer Ver 4.930% 06/08/99 4.920 50,000 180 1,230,060.02 4.988 CD Bayer Ver 4.930% 06/08/99 4.920 50,000 180 1,230,060.02 4.988 CP Assoc 06/08/99 4.760 50,000 1 6,611.11 4.826 CID Assoc 06/08/99 4.760 50,000 1 6,611.11 4.826 CID Assoc 06/08/99 4.760 50,000 1 6,611.11 4.826 CID Assoc 06/08/99 4.760 50,000 1 6,611.11 4.826 CID Hertz 06/08/99 4.710 50,000 4 26,166.67 4.777 CID FMCC 06/08/99 4.700 50,000 4 26,111.11 4.767 CID FMCC 06/08/99 4.700 50,000 4 26,111.11 4.767 CID FMCC 06/08/99 4.700 50,000 4 26,111.11 4.767 CID FMCC 06/08/99 4.700 50,000 4 26,111.11 4.767 CID FMCC 06/08/99 4.700 50,000 4 26,111.11 4.767 CID GECC 06/08/99 4.880 50,000 12 81,333.33 4.955 CID GECC 06/08/99 4.880 50,000 12 81,333.33 4.955 CI' SRAC 06/08/99 4.810 50,000 15 100,208.33 4.886 CID FMCC 06/08/99 4.800 50,000 19 126,666.67 4.879 CID FMCC 06/08/99 4.800 50,000 19 126,666.67 4.879 CID Heller 06/08/99 4.850 50,000 19 127,986.11 4.929 06/08/99 PURCHASES continued CD World CP Amer Exp CP Household CP Household 06/09/99 REDEMPTIONS BN NationsBk CP FMCC CP FMCC CP FMCC Disc Notes FNMA Disc Notes FNMA PURCHASES MTN FR GMAC MTN B/A 06/10/99 REDEMPTIONS CP FMCC CP FMCC CP GMAC CP GMAC CP Hertz CP Baxter CP Morg Stan CP Morg Stan Disc Notes FNMA Disc Notes FNMA RRP Treas Bills Treas Bills PURCHASES CD World CD World 06/11/99 REDEMPTIONS CP FMCC CP FMCC CP GECC CP GECC 4.820% 06/30/99 4.820 50,000 06/30/99 4.770 50,000 08/24/99 4.900 50,000 08/27/99 4.900 50,000 4.960% 06/09/99 4.960 50,000 181 1,246,888.89 5.028 06/09/99 4.720 8,000 2 2,097.78 4.786 06/09/99 4.720 50,000 2 13,111.11 4.786 06/09/99 4.720 50,000 2 13,111.11 4.786 06/09/99 5.230 50,000 338 2,455,194.44 5.576 06/09/99 5.230 50,000 338 2,455,194.44 5.576 5.375% 12/17/01 5.097 33,000 9.750% 07/01 /00 5.580 5,300 06/10/99 4.810 50,000 17 113,569.44 4.887 06/10/99 4.810 50,000 17 113,569.44 4.887 06/10/99 4.810 50,000 17 113,569.44 4.887 06/10/99 4.810 50,000 17 113,569.44 4.887 06/10/99 4.840 20,000 21 56,466.67 4.921 06/10/99 4.830 24,000 21 67,620.00 4.910 06/10/99 4.810 50,000 22 146,972.22 4.891 06/10/99 4.810 50,000 22 146,972.22 4.891 06/10/99 4.740 50,000 188 1,237,666.67 4.927 06/10/99 4.740 50,000 188 1,237,666.67 4.921 12/09/99 4.350 50,000 22 (129,327.92) -4.410 12/09/99 4.350 50,000 22 (129,327.92) -4.410 4.810% 06/30/99 4.810 28,000 4.810% 06/30/99 4.810 50,000 . 06/11/99 4.790 50,000 32 212,888.89 4.877 06/11/99 4.790 50,000 32 212,888.89 4.877 06/11/99 4.820 50,000 178 1,191,611.11 5.006 06/11/99 4.820 50,000 178 1,191,611.11 5.006 —7— 06/11/99 RRP continued Treas Bills 02/03/00 4.250 Treas Bills 02/03/00 4.250 PURCHASES CP Armstrong 06/14/99 4.900 CP Unocal 06/29/99 5.000 CP ConAgra 07/09/99 5.060 CP Hertz 08/18/99 5.020 CP Hertz 08/18/99 5.020 06/14/99 REDEMPTIONS CD Stndrd Ch 4.870% 06/14/99 4.870 CD Stndrd Ch 4.870% 06/14/99 4.870 CD Bayer Ver 4.920% 06/14/99 4.910 CD Marine 4.960% 06/14/99 4.950 CD Marine 4.960% 06/14/99 4.950 CD Bayer Lnds 4.920% 06/14/99 4.915 CD Bayer Lnds 4.920% 06/14/99 4.915 CP Armstrong 06/14/99 4.900 CP Morg Stan 06/14/99 4.840 CP Morg Stan 06/14/99 4.840 Disc Notes FHLB 06/14/99 5.260 RRP Treas Bills 02/03/00 4.620 Treas Bills 02/03/00 4.620 PURCHASES CP Salomon 07/02/99 4.950 CP Salomon 07/02/99 4.950 CP Salomon 07/02/99 4.950 CP Salomon 07/02/99 4.950 CP GMAC 07/08/99 4.920 CP GMAC 07/08/99 4.920 CP Heller 07/08/99 4.970 CP ConAgra 07/09/99 5.050 CP Hertz 07/12/99 4.950 CP GMAC 07/12/99 4.920 CP GMAC 07/12/99 4.920 CP JC Penney 07/28/99 5.200 CP JC Penney 07/28/99 5.200 06/15/99 REDEMPTIONS CD Nova Scot 4.940% 06/15/99 4.940 50,000 32 50,000 32 15,000 10,000 24,359 40,000 50,000 (182,372.22) -4.309 (182,372.22) -4.309 50,000 90 608,750.00 4.937 50,000 90 608,750.00 4.937 50,000 180 1,227,559.90 4.978 50,000 180 1,237,560.38 5.018 50,000 180 1,237,560.38 5.018 50,000 181 1,235,606.83 4.983 50,000 181 1,235,606.83 4.983 15,000 3 .6,125.00 4.970 25,000 94 315,944.45 4.970 50,000 94 631,888.90 4.970 43,025 360 2,263,115.00 5.629 50,000 90 (552,898.50) -4.684 50,000 90 (552,898.50) -4.684 50,000 50,000 50,000 50,000 50,000 50,000 50,000 20,000 25,000 50,000 50,000 9,000 50,000 50,000 182 1,248,722.22 5.008 cm 06/15/99 PURCHASES contineud CD Montreal 4.890% 07/02/99 4.890 40,000 CD Montreal 4.890% 07/02/99 4.890 50,000 CP Amer Exp 07/01/99 4.820 37,000 CP Amer Exp 07/01/99 4.820 50,000 CP Amer Exp 07/01/99 4.820 50,000 CP Amer Exp 07/01/99 4.820 50,000 CP GECC 07/01/99 4.820 50,000 ,CP GECC 07/01/99 4.820 50,000 CP GECC 07/01/99 4.820 50,000 CP GECC 07/01/99 4.820 50,000 CP Heller 07/01/99 4.970 50,000 CP GMAC 07/09/99 4.950 50,000 CP GMAC 07/09/99 4.950 50,000 CP GMAC 07/09/99 4.950' 50,000 CP GMAC 07/09/99 4.950 50,000 CP Country 08/10/99 5.050 50,000 CP Bear 08/18/99 5.050 50,000 CP Bear 08/18/99 5.050 50,000 06/16/99 NO REDEMPTIONS PURCHASES BN FNB Chic 5.550% 06/28/00 5.550 50,000 BN FNB Chic 5.550% 06/28/00 5.550 50,000 CD Nova Scot 5.560% 06/28/00 5.560 50,000 CD Nova Scot 5.560% 06/28/00 5.560 50,000 CD Stndrd Ch 5.570% 06/28/00 5.590 50,000 CD Stndrd Ch 5.570% 06/28/00 5.590 50,000 CP FMCC 07/01/99 4.880 50,000 CP FMCC 07/01/99 4.880 50,000 CP FMCC 07/02/99 4.880 50,000 Disc Notes FNMA 12/13/99 5.045 50,000 Disc Notes FNMA 12/13/99 5.045 50,000 06/17/99 REDEMPTIONS CP Text Fin 06/17/99 4.930 22,000 55 165,702.78 5.036 CP Kodak 06/17/99 4.820 40,000 80 428,444.44 4.939 PURCHASES CD Deutsche 5.500% 06/28/00 5.530 25,000 CD Deutsche 5.500% 06/28/00 5.530 50,000 CD Rabo 5.500% 06/28/00 5.530 50,000 CD Rabo 5.500% 06/28/00 5.530 50,000 CP JC Penney 08/02/99 5.260 43,994 CP Country 08/05/99 5.110 32,864 CP Bear 10/27/99 5.070 50,000 CP Bear 10/27/99 5.070 50,000 C= 06/17/99 PURCHASES continued CP GECC 11/08/99 5.100 50,000 CP GECC 11/08/99 5.100 50,000 CP GECC 11/08/99 5.100 50,000 CP GECC 11/08/99 5.100 50,000 Disc Notes FHLMC 06/06/00 5.150 39,250 Disc Notes FHLMC 06/06/00 5.150 50,000 Disc Notes FHLMC 06/06/00 5.150 50,000 Disc Notes FHLMC 06/06/00 5.150 50,000 Disc Notes FHLMC 06/13/00 5.170 25,000 06/18/99 REDEMPTIONS Disc Notes FNMA 06/18/99 4.450 50,000 245 1,514,236.11 4.652 Disc Notes FNMA 06/18/99 5.220 50,000 308 2,233,000.00 5.539 Disc Notes Disc Notes FNMA FNMA 06/18/99 5.220 50,000 308 2,233,000.00 5.539 Disc Notes FNMA 06/18/99 06/18/99 5.230 5.230 50,000 50,000 360 2,615,000.00 5.595 360 2,615,000.00 5.595 PURCHASES CD Toronto 5.500% 06/28/00 5.540 40,000 CD Westpac Bk 5.510% 06/28/00 5.540 50,000 CP GMAC 08/02/99 5.010 50,000 CP GMAC 08/02/99 5.010 50,000 CP GMAC 08/02/99 5.010 50,000 CP GECC 08/27/99 5.000 50,000 CP GECC 08/27/99 5.000 50,000 CP GECC 08/27/99 5.000 50,000 CP Assoc 08/27/99 5.020 50,000 CP Assoc 08/27/99 5.020 50,000 CP Bear 08/27/99 5.020 50,000 CP Bear 08/27/99 5.020 50,000 CP FMCC 08/27/99 5.040 50,000 CP FMCC 08/27/99 5.040 50,000 Disc Notes FHLMC 06/13/00 5.160 35,000 Disc Notes FHLMC 06/13/00 5.160 50,000 06/21/99 REDEMPTIONS BA CD Montreal Bayer Lnds 4.960% 06/21/99 06/21/99 4.780 4.950 12,000 50,000 166 264,493.33 4.955 180 CD Bayer Lnds 4.960% 06/21/99 4.950 50,000 1,237,560.38 5.018 180 1,237,560.38 5.018 PURCHASES CD Nat W. Mstr 5.630% 06/19/00 5.580 50,000 CP ConAgra 07/14/99 5.100 50,000 CP ConAgra 07/14/99 5.100 50,000 CP GMAC 08/02/99 5.030 50,000 CP GMAC 08/02/99 5.030 50,000 —10— 06/21/99 PURCHASES continued CP Household 08/05/99 5.030 50,000 CP Household 08/05/99 5.030 50,000 CP GECC 08/24/99 5.020 50,000 CP GECC 08/24/99 5.020 50,000 06/22/99 NO REDEMPTIONS PURCHASES BN FNB Chic 5.650% 06/28/00 5.650 50,000 BN FNB Chic 5.650% 06/28/00 5.650 50,000 CD CommerzBk 5.640% 06/28/00 5.655 20,000 Disc Notes FHLMC 03/09/00 5.130 50,000 Disc Notes FHLMC 03/30/00 5.135 50,000 Disc Notes FHLMC 03/30/00 5.135 50,000 Disc Notes FHLMC 06/13/00 5.230 40,165 Disc Notes FHLMC 06/13/00 5.220 40,000 Disc Notes FHLMC 06/13/00 5.220 50,000 Disc Notes FNMA 02/10/00 5.100 50,000 Disc Notes FNMA 03/10/00 5.120 50,000 Disc Notes FNMA 03/10/00 5.120 50,000 Disc Notes FNMA 03/16/00 5.120 25,000 Disc Notes FNMA 06/01/00 5.220 50,000 Treas Bills 05/25/00 4.785 50,000 Treas Bills 05/25/00 4.785 50,000 06/23/99 REDEMPTIONS Disc Notes FNMA 06/23/99 4.730 10,000 27 35,475.00 4.812 Disc Notes FNMA 06/23/99 4.730 50,000 27 177,375.00 4.812 Disc Notes FNMA 06/23/99 4.730 50,000 27 177,375.00 4.812 RRP Treas Bills 04/27/00 4.440 10,000 27 (31,818.15) -4.501 Treas Bills 04/27/00 4.440 50,000 27 (159,090.75) -4.501 Treas Bills 04/27/00 4.440 50,000 27 (159,090.75) -4.501 PURCHASES BN NationsBk 5.300% 11 /24/99 5.300 50,000 CP Assoc 12/16/99 5.090 50,000 CP Assoc 12/16/99 5.090 50,000 CP FMCC 10/08/99 5.080 50,000 CP FMCC 10/08/99 5.080 50,000 CP GMAC 10/27/99 5.140 50,000 CP SRAC 12/17/99 5.090 50,000 Disc Notes FHLMC 09/30/99 5.010 50,000 Disc Notes FHLMC 12/03/99 5.080. 41,000 Disc Notes FHLMC 12/21/99 5.080 7,000 —11— 06/23/99 PURCHASES continued Disc Notes FHLMC 12/21 /99 5.080 50,000 Disc Notes FHLMC 01/27/00 5.140 50,000 Disc Notes FHLMC 01/27/00 5.140 50,000 Disc Notes FHLMC 01/27/00 5.140 20,000 Disc Notes FHLMC 01/27/00 5.140 50,000 Disc Notes FHLMC 01/27/00 5.140 50,000 Disc Notes FHLMC 03/23/00 5.160 50,000 Disc Notes FHLMC 03/30/00 5.170 50,000 Disc Notes FNMA 02/10/99 5.120 50,000 Disc Notes FNMA 12/13/99 5.080 6,000 Disc Notes FNMA 02/10/00 5.120 25,000 06/24/99 REDEMPTIONS CID FMCC 06/24/99 4.800 50,000 90 600,000.00 4.925 CID FMCC 06/24/99 4.800 50,000 90 600,000.00 4.925 Disc Notes FHLMC 06/24/99 4.720 50,000 79 517,888.89 4.835 Disc Notes FHLMC 06/24/99 4.720 50,000 79 517,888.89 4.835 Disc Notes FHLMC 06/24/99 4.710 50,000 86 562,583.50 4.829 Disc Notes FHLMC 06/24/99 4.710 50,000 86 562,583.50 4.829 Disc Notes FHLMC 06/24/99 4.700 50,000 87 567,916.50 4.820 Disc Notes FHLMC 06/24/99 4.700 50,000 87 567,916.50 4.820 Treas Bills 06/24/99 5.055 50,000 357 2,506,437.50 5.395 Treas Bills 06/24/99 5.055 50,000 357 2,506,437.50 5.395 Treas Bills 06/24/99 5.055 50,000 357 2,506,437.50 5.395 Treas Bills 06/24/99 5.055 50,000 357 2,506,437.50 5.395 Treas Bills 06/24/99 5.055 50,000 357 2,506,437.50 5.395 Treas Bills 06/24/99 5.055 50,000 357 2,506,437.50 5.395 Treas Bills 06/24/99 5.055 50,000 357 2,506,437.50 5.395 Treas Bills 06/24/99 5.055 50,000 357 2,506,437.50 5.395 RRP Treas Bills 06/24/99 4.345 50,000 79 (472,242.60) -4.405 Treas Bills 06/24/99 4.345 50,000 79 (472,242.60) -4.405 Treas Bills 06/24/99 4.480 50,000 86 (527,084.44) -4.542 Treas Bills 06/24/99 4.480 50,000 86 (527,084.44) -4.542 Treas Bills 06/24/99 4.440 50,000 87 (530,813.10) 4.501 Treas Bills 06/24/99 4.440 50,000 87 (530,813.10) 4.501 Treas Bills 06/24/99 4.455 50,000 90 (550,749.38) -4.516 Treas Bills 06/24/99 4.455 50,000 90 (550,749.38) -4.516 PURCHASES BN NationsBk 5.640% 06/28/00 5.640 50,000 BN NationsBk 5.640% 06/28/00 5.640 50,000 CID Assoc 06/25/99 4.730 50,000 CID Assoc 06/25/99 4.730 50,000 CID Assoc 06/25/99 4.730 50,000 CID Assoc 06/25/99 4.730 50,000 —12- 06/24/99 PURCHASES continued CP FMCC .06/25/99 4.710 50,000 CP FMCC 06/25/99 4.710 50,000 CP GECC 06/25/99 4.730 50,000 CP GECC 06/25/99 4.730 50,000 CP Rohm 06/25/99 5.050 50,000 Disc Notes FHLMC 09/30/99 5.030 50,000 Disc Notes FHLMC 09/30/99 5.030 50,000 Disc Notes FHLMC 01/27/00 5.145 25,000 Disc Notes FHLMC 06/13/00 5.270 5,021 Disc Notes FHLMC 06/13/00 5.270 50,000 Disc Notes FNMA 03/17/00 5.185 45,000 PURCHASES -c/ Strip Coupons 02/15/00 4.600 24,165 Strip Coupons 05/15/00 4.600 20,000 Strip Coupons 02/15/03 4.600 27,000 Strip Coupons 02/15/04 4.600 50,000 06/25/99 REDEMPTIONS CP FMCC 06/25/99 4.710 50,000 1 6,541.67 4.776 CP FMCC 06/25/99 4.710 50,000 1 6,541.67 4.776 CP Assoc 06/25/99 4.730 50,000 1 6,569.44 4.796 CP Assoc 06/25/99 4.730 50,000 1 6,569.44 4.796 CP Assoc 06/25/99 4.730 50,000 1 6,569.44 4.796 CP Assoc 06/25/99 4.730 50,000 1 6,569.44 4.796 CP GECC 06/25/99 4.730 50,000 1 6,569.44 4.796 CP GECC 06/25/99 4.730 50,000 1 6,569.44 4.796 CP Rohm 06/25/99 5.050 50,000 1 7,013.89 5.120 CP Morg Stan 06/25/99 4.840 50,000 105 705,833.35 4.977 CP Morg Stan 06/25/99 4.840 50,000 105 705,833.35 4.977 CP Enron 06/25/99 4.950 45,000 106 655,875.00 5.092 Disc Notes FNMA 06/25/99 4.670 50,000 30 194,583.33 4.753 Disc Notes FNMA 06/25/99 4.670 50,000 30 194,583.33 4.753 SALES .c/ Strip Coupons 02/15/00 4.600 24,165 1 2,927.01 4.663 Strip Coupons 05/15/00 4.600 20,000 1 2,388.04 4.663 Strip Coupons 02/15/03 4.600 27,000 1 2,721.03 4.663 Strip Coupons 02/15/04 4.600 50,000 1 4,741.71 4.663 RRP Treas Bills Treas Bills 02/03/00 4.300 50,000 02/03/00 4.300 50,000 30 (173,449.39) -4.359 30 (173,449.39) -4.359 —13— 06/25/99 PURCHASES continued CP Lehman 08/27/99 5.200 50,000 CP Lehman 08/27/99 5.200 50,000 CP Lehman 09/28/99 5.240 50,000 CP Lehman 09/28/99 5.240 50,000 MTN FR US Bank 5.317% 06/25/01 5.317 50,000 MTN FR GMAC 5.437% 06/25/02 5.437 50,000 06/28/99 REDEMPTIONS CD ABN Amro 4.930% 06/28/99 4.920 25,000 110 375,844.64 4..988 CD ABN Amro 4.930% 06/28/99 4.920 50,000 110 751,689.29 4.988 CP JP Morgan 06/28/99 4.830 50,000 90 603,750.00 4.956 CP JP Morgan 06/28/99 4.830 50,000 90 603,750.00 4.956 CP JP Morgan 06/28/99 4.830 50,000 90 603,750.00 4.956 CP JP Morgan 06/28/99 4.830 50,000 90 603,750.00 4.956 CP Morg Stan 06/28/99 4.830 50,000 95 637,291.67 4.960 CP Morg Stan 06/28/99 4.830 50,000 95 637,291.67 4.960 CP GECC 06/28/99 4.800 50,000 96 640,000.00 4.929 CP GECC 06/28/99 4.800 50,000 96 640,000.00 4.929 CP Salomon 06/28/99 4.830 50,000 96 644,000.00 4.960 CP GECC 06/28/99 4.800 50,000 97 646,666.67 4.930 CP GECC 06/28/99 4.800 50,000 97 646,666.67 4.930 CP Amer Exp 06/28/99 4.800 50,000 98 653,333.33 4.931 CP Amer Exp 06/28/99 4.800 50,000 98 653,333.33 4.931 CP Allied 06/28/99 4.830 25,000 104 348,833.33 4.966 CP Enron 06/28/99 4.910 10,000 105 143,208.33 5.050 CP JC Penney 06/28/99 4.950 40,000 105 577,500.00 5.092 CP Bear 06/28/99 4.850 50,000 105 707,291.67 4.987 CP Transam 06/28/99 4.820 50,000 108 723,000.00 4.958 CP GECC 06/28/99 4.800 50,000 109 726,666.67 4.938 CP GECC 06/28/99 4.800 50,000 109 726,666.67 4.938 CP SRAC 06/28/99 4.880 50,000 119 806,555.56 5.028 CP GMAC 06/28/99 4.860 50,000 123 830,250:00 5.010 CP GMAC 06/28/99 4.860 50,000 123 830,250.00 5.010 PURCHASES CP Enron 06/29/99 5.470 20,000 CP Enron 06/29/99 5.470 50,000 CP Rohm 06/29/99 5.530 50,000 CP Rohm 06/29/99 5.530 50,000 CP GMAC 10/01/99 5.160 50,000 CP GMAC 10/01/99 5.160 50,000 CP FMCC 10/04/99 5.160 50,000 CP FMCC 10/04/99 5.160 50,000 CP Household 10/08/99 5.170 50,000 CP Household 10/13/99 5.170 50,000 CP JP Morgan 11/10/99 5.200 50,000 CP JP Morgan 11/10/99 5.200 50,000 CP GMAC 12/01/99 5.220 50,000 —14- 06/28/99 PURCHASES continued CP GMAC 12/01/99 5.220 50,000 CP JP Morgan 12/15/99 5.220 50,000 Disc Notes FHLMC 01/20/00 5.200 42,918 Disc Notes FHLMC 01/20/00 5.200 50,000 Treas Bills 06/22/00 4.880 40,000 Treas Notes 5.250% 05/31/01 5.664 50,000 Treas Notes 5.250% 05/31/01 5.664 50,000 06/29/99 REDEMPTIONS CP Enron 06/29/99 5.470 20,000 1 3,308.89 5.546 CP Enron 06/29/99 5.470 50,000 1 7,597.22 5.546 CP Rohm 06/29/99 5.530 50,000 1 7,680.56 5.607 CP Rohm 06/29/99 5.530 50,000 1 7,680.56 5.607 CP Unocal 06/29/99 5.000 10,000 18 25,000.00 5.082 PURCHASES CP ConAgra 06/30/99 5.450 20,000 CP Rohm 06/30/99 5.700 50,000 CP Morg Stan 07/13/99 5.250 20,000 CP Heller 07/13/99 5.300 50,000 CP FMCC .10/01/99 5.160 50,000 CP FMCC 10/01/99 5.160 50,000 CP GMAC 10/01/99 5.180 50,000 CP GMAC 10/01/99 5.180 50,000 CP JP Morgan 10/01/99 5.190 50,000 CP JP Morgan 10/01/99 5.190 50,000 CP FMCC 10/04/99 5.180 50,000 CP FMCC 10/04/99 5.180 50,000 CP JP Morgan 10/04/99 5.190 50,000 CP JP Morgan 10/04/99 5.190 50,000 CP GMAC 10/27/99 5.240 50,000 CP GMAC 10/27/99 5.240 50,000 06/30/99 REDEMPTIONS BN FNB Chic 4.930% 06/30/99 4.930 50,000 120 821,666.67 4.998 BN FNB Chic 4.930% 06/30/99 4.930 50,000 120 821,666.67 4.998 BN NationsBk 4.990% 06/30/99 4.840 50,000 166 1,118,913.34 4.917 BN NationsBk 4.900% 06/30/99 4.900 50,000 174 1,184,166.67 4.968 BN NationsBk 4.900% 06/30/99 4.900 50,000 174 1,184,166.67 4.968 BN FNB Chic 4.950% 06/30/99 4.950 50,000 189 1,299,375.00 5.018 BN FNB Chic 4.950% 06/30/99 4.950 50,000 189 1,299,375.00 5.018 CD World 4.810% 06/30/99 4.810 28,000 20 74,822.22 4.876 CD World 4.810% 06/30/99 4.810 50,000 20 133,611.11 4.876 CD World 4.820% 06/30/99 4.820 50,000 22 147,277.78 4.886 CD Montreal 4.870% 06/30/99 4.870 10,000 107 144,747.22 4.937 CD Montreal 4.870% 06/30/99 4.870 50,000 107 723,736.11 4.937 CD Montreal 4.870% 06/30/99 4.870 50,000 107 723,736.11 4.937 —15— 06/30/99 REDEMPTIONS continued CD Bkrs Trst 4.960% 06/30/99 4.950 23,000 118 373,187..04 5.018 CD Bkrs Trst 4.960% 06/30/99 4.950 50,000 118 811,276.17 5.018 CD BNParis 4.925% 06/30/99 4.920 25,000 119 406,589.95 4.988 CD BNParis 4.925% 06/30/99 4.920 50,000 119 813,179.90 4.988 CD BNParis 4.925% 06/30/99 4.920 50,000 119 813,179.90 4.988 CD U/B Calif 4.980% 06/30/99 4.980 50,000 120 830,000.00 5.049 CD Montreal 4.920% 06/30/99 4.920 50,000 125 854,166.67 4.989 CD Montreal 4.920% 06/30/99 4.920 50,000 125 854,166.67 4.989 CD Svenska 4.850% 06/30/99 4.850 25,000 154 518,817.56 4.918 CD Deutsche 4.920% 06/30/99 4.920 50,000 169 1,154,833.33 4.988 CD Deutsche 4.920% 06/30/99 4.920 50,000 169 1,154,833.33 4.988 CD Soc Gen 4.930% 06/30/99 4.920 50,000 173 1,182,222.16 4.988 CD Soc Gen 4.930% 06/30/99 4.920 50,000 173 1,182,222.16 4.988 CD Westdeut 4.900% 06/30/99 4.900 50,000 173 1,177,361.11 4.968 CD Westdeut 4.900% 06/30/99 4.900 50,000 173 1,177,361.11 4.968 CD BNParis 5.100% 06/30/99 4.920 30,000 177 726,828.97 4.991 CD ABN Amro 4.910% 06/30/99 4.900 50,000 177 1,204,641.17 4.968 CD ABN Amro 4.910% 06/30/99 4.900 50,000 177 1,204,641.17 4.968 CD B/A 5.260% 06/30/99 5.260 30,000 281 1,231,716.67 5.333 CID ConAgra 06/30/99 5.450 20,000 1 3,027.78 5.526 CID Rohm 06/30/99 5.700 50,000 1 7,916.67 5.780 CID Amer Exp 06/30/99 4.770 50,000 22 145,750.00 4.85 CID Morg Stan 06/30/99 4.830 50,000 97 650,708.33 4.961 CID GECC 06/30/99 4.800 50,000 98 653,333.33 4.931 CID GECC 06/30/99 4.800 50,000 98 653,333.33 4.931 CID Morg Stan 06/30/99 4.830 50,000 99 664,125.00 4.963 CID Morg Stan 06/30/99 4.830 50,000 99 664,125.00 4.963 CID GECC 06/30/99 4.800 50,000 100 666,666.67 4.932 CID GECC 06/30/99 4.800 50,000 100 666,666.67 4.932 CID FMCC 06/30/99 4.810 1,000 106 14,162.78 4.946 CP FMCC 06/30/99 4.810 50,000 106 708,138.89 4.946 CID Hertz 06/30/99 4.820 50,000 107 716,305.56 4.957 CID GECC 06/30/99 4.800 40,000 111 592,000.00 4.939 CID Amer Exp 06/30/99 4.810 50,000 111 741,541.67 4.950 CID Amer Exp 06/30/99 4.810 50,000 111 741,541.67 4.950 CID Amer Exp 06/30/99 4.810 50,000 111 741,541.67 4.950 CID Amer Exp 06/30/99 4.810 50,000 111 741,541.67 4.950 CP GECC 06/30/99 4.800 50,000 111 740,000.00 4.939 CID Assoc 06/30/99 4.840 50,000 119 799,944.44 4.987 CID Assoc 06/30/99 4.840 50,000 119 799,944.44 4.987 CID W/F 06/30/99 4.880 50,000 119 806,555.56 5.028 CID W/F 06/30/99 4.880 50,000 119 806,555.5-6 5.028 CID GECC 06/30/99 4.890 25,000 120 407,500.00 5.040 CID GECC 06/30/99 4.890 50,000 120 815,000.00 5.040 CID SRAC 06/30/99 4.880 50,000 121 820,111.11 5.030 CID JP Morgan 06/30/99 4.840 50,000 169 1,136,055.56 5.021 CID FMCC 06/30/99 4.800 50,000 175 1,166,666.67 4.982 CID FMCC 06/30/99 4.800 50,000 175 1,166,666.67 4.982 Disc Notes FHLB 06/30/99 4.680 50,000 170 1,105,000.00 4.852 Disc Notes FHLB 06/30/99 4.720 50,000 226 1,481,555.56 4.931 —16- 06/30/99 REDEMPTIONS continued Disc Notes FHLB 06/30/99 4.720 50,000 226 1,481,555.56 4.931 Disc Notes FHLMC 06/30/99 4.710 40,000 34 177,933.33 4.796 Disc Notes FHLMC 06/30/99 4.710 50,000 34 222,416.67 4.796 Disc Notes FHLMC 06/30/99 4.700 50,000 84 548,333.33 4.818 Disc Notes FHLMC 06/30/99 4.700 50,000 84 548,333.33 4.818 Disc Notes FNMA 06/30/99 4.740 50,000 208 1,369,333.33 4.941 Disc Notes FNMA 06/30/99 4.740 50,000 208 1,369,333.33 4.941 Disc Notes FNMA 06/30/99 4.760 15,000 225 446,250.00 4.974 Disc Notes FNMA 06/30/99 4.760 50,000 225 1,487,500.00 4.974 Disc Notes FNMA 06/30/99 4.760 50,000 225 1,487,500.00 4.974 Disc Notes FNMA 06/30/99 4.780 50,000 272 1,805,777.78 5.027 Disc Notes FNMA 06/30/99 4.780 50,000 272 1,805,777.78 5.027 Disc Notes FNMA 06/30/99 4.780 50,000 272 1,805,777.78 5.027 Disc Notes FNMA 06/30/99 4.730 45,000 274 1,620,025.00 4.974 Disc Notes FNMA 06/30/99 4.960 20,000 281 774,311.11 5.231 Disc Notes FNMA 06/30/99 4.940 25,000 287 984,569.44 5.213 Disc Notes FNMA 06/30/99 4.900 50,000 292 1,987,222.22 5.173 Disc Notes FNMA 06/30/99 4.900 50,000 292 1,987,222.22 5.173 Disc Notes FNMA 06/30/99 5.210 50,000 359 2,597,763.89 5.571 Disc Notes FNMA _ 06/30/99 5.210 50,000 359 2,597,763.89 5.571 Disc Notes SLMA 06/30/99 4.400 25,000 247 754,722.22 4.599 FR FNMA 5.808% 06/30/99 5.808 20,000 586 1,751,723.83 5.455 FR FNMA 5.808% 06/30/99 5.808 50,000 586 4,379,309.59 5.455 MTN Chrysler 5.690% 06/30/99 5.690 50,000 532 4,156,861.11 5.703 Treas Notes 6.750% 06/30/99 5.539 25,000 390 1,495,446.31 5.539 Treas Notes 6.750% 06/30/99 5.539 50,000 390 2,990,892.61 5.539 Treas Notes 6.750% 06/30/99 5.539 50,000 390 2,990,892.61 5.539 Treas Notes 6.750% 06/30/99 5.527 50,000 391 2,992,403.31 5.527 Treas Notes 6.750% 06/30/99 6.126 50,000 852 7,223,368.44 6.126 Treas Notes 6.750% 06/30/99 6.126 50,000 852 7,223,368.44 6.126 RRP Treas Notes 6.750% 06/30/99 4.450 50,000 84 (531,174.99) -4.511 Treas Notes 6.750% 06/30/99 4.450 50,000 84 (531,174.99) -4.511 Treas Bills 02/03/00 4.150 40,000 34 (151,486.53) -4.207 Treas Bills 02/03/00 4.150 .50,000 34 (189,358.16) -4.207 PURCHASES CID FMCC 10/04/99 5.200 10,000 CID FMCC 10/04/99 5.200 50,000 CP FMCC 10/04/99 5.200 50,000 —17— a/ The abbreviations indicate the type of security purchased or sold; i.e., (U.S.) Bills, Bonds, Notes, Debentures, Discount Notes, and Participation Certificates: Federal National Mortgage Association (FNMA), Farmers Home Administration Notes (FHA), Student Loan Marketing Association (SLMA), Small Business Association (SBA), Negotiable Certificates of Deposit (CD), Negotiable Certificates of Deposit Floating Rate (CD FR), Export Import Notes (EX MI), Bankers Acceptances (BA), Commercial Paper (CP), Government National Mortgage Association (GNMA), Federal Home Loan Bank Notes (FHLB), Federal Land Bank Bonds (FLB), Federal Home Loan Mortgage Corporation Obligation (FHLMC PC) & (FHLMC GMC), Federal Farm Credit Bank Bonds (FFCB), Federal Farm Credit Discount Notes (FFC), Corporate Securities (CB), U.S. Ship Financing Bonds (TITLE XI'S), International Bank of Redevelopment (IBRD), Tennessee Valley Authority (TVA) Medium Term Notes (MTN). h/ Purchase or sale yield based on 360 day calculation for discount obligations and Repurchase Agreements. -C/ Repurchase Agreement. d/ Par amount of securites purchased, sold, or redeemed. e/ Securities were purchased and sold as of the same date. f/ Repurchase Agreement against Reverse Repurchase Agreement. g/ Outright purchase against Reverse Repurchase Agreement. h/ Security "SWAP" transactions. i/ Buy back agreement. RRS Reverse Repurchase Agreement. RRP Termination of Reverse Repurchase Agreement. —18— NAME ALHAMBRA East West Bank TIME DEPOSIT DEPOSIT DATE 04/01 /99 YIELD 4.530 PAR AMOUNT ($) MATURITY 8,000,000.00 DATE 07/01 /99 East West Bank 04/07/99 4.430 35,000,000.00 07/06/99 East West Bank 04/15/99 4.300 27,000,000.00 07/16/99 East West Bank 05/13/99 4.630 38,000,000.00 08/17/99 BEVERLY HILLS City National Bank 01 /27/99 4.480 10,000,000.00 07/27/99 City National Bank 06/15/99 4.750 20,000,000.00 09/15/99 City National Bank 05/19/99 4.820 20,000,000.00 02/28/00 City National Bank 03/31/99 4.740 50,000,000.00 03/31/00 City National Bank 05/04/99. 4.820 25,000,000.00 05/03/00 Western Sierra National Bank 05/06/99 4.850 3,000,000.00 08/04/99 CHICO North State National Bank 08/24/98 5.190 1,0000000.00 08/24/99 North State National Bank 03/02/99 4.760 1,000,000.00 08/30/99 North State National Bank 03/09/99 4.740 500,000.00 09/07/99 North State National Bank 04/05/99 4.530 1,000,000.00 10/04/99 North State National Bank 04/06/99 4.730 1,000,000.00 04/06/00 Tri Counties Bank 04/15/99 4.330 10,000,000.00 07/14/99 Tri Counties Bank 06/11/99 4.710 10,000,000.00 09/09/99 Tri Counties Bank 06/18/99 4.690 10,000,000.00 09/16/99 Tri Counties Bank -06/22/99 4.740 10,000,000.00 09/21/99 CITY OF INDUSTRY EverTrust Bank 06/14/99 4.680 1,000,000.00 09/14/99 INGLEWOOD Imperial Bank 03/09/99 4.640 50,000,000.00 07/15/99 Imperial Bank 04/01/99 4.500 18,000,000.00 07/29/99 Imperial Bank 03/16/99 4.650 11,000,000,00 08/12/99 Imperial Bank 03/24/99 4.550 15,000,000.00 08/12/99 Imperial Bank 02/23/99 4:690 25,000,000.00 08/23/99 Imperial Bank 06/09/99 4.680 25,000,000.00 09/09/99 Imperial Bank 04/26/99 4.580 25,000,000.00 09/16/99 Imperial Bank 05/12/99 4.690 18,000,000.00 09/23/99 Imperial Bank 04/15/99 4.550 20,000,000.00 10/14/99 Imperial Bank 05/25/99 4.750 25,000,000.00 10/21 /99 Imperial Bank 06/14/99 4.900 20,000,000.00 10/28/99 —19— NAME INGLEWOOD (.conQ Imperial Bank TIME DEPOSIT DATE 05/19/99 DEPOSIT YIELD 4.860 PAR AMOUNT ($) MATURITY 25,000,000.00 DATE 11/18/99 Imperial Bank LOS ANGELES 06/28/99 5.100 25,000,000.00 12/22/99 Community Bank 01/11/99 4.530 20,000,000.00 07/13/99 Community Bank 02/08/99 4.570 15,000,000.00 08/11 /99 Community Bank 04/28/99 4.600 5,000,000.00 10/25/99 Community Bank 06/10/99 5.000 5,000,000.00 12/07/99 Community Bank 06/14/99 5.070 10,000,000.00 12/13/99 Community Bank 06/22/99 5.030 5,000,000.00 06/22/00 Founders National Bank of L.A. 06/17/99 5.020 95,000.00 12/14/99 General Bank 04/08/99 4.440 7,000,000.00 07/20/99 General Bank 04/16/99 4.300 15,000,000.00 07/27/99 General Bank 04/30/99 4.540 15,000,000.00 08/03/99 General Bank 02/08/99 4.580 25,000,000.00 08/13/99 General Bank 05/27/99 4.650 10,000,000.00 09/09/99 General Bank 06/02/99 4.690 28,000,000.00 09/20/99 Preferred Bank 04/15/99 4.320 3,000,000.00 07/16/99 Preferred Bank 05/20/99 4.640 4,000,000.00 08/18/99 Preferred Bank 05/25/99 4.620 2,000,000.00 08/26/99 Preferred Bank 06/15/99 4.740 9,000,000.00 09/16/99 Preferred Bank 06/22/99 4.730 9,000,000.00 09/20/99 Preferred Bank POMONA 06/28/99 4.800 3,000,000.00 09/28/99 PFF Bank and Trust 06/08/99 4.750 10,000,000.00 09/08/99 PFF Bank and Trust PETALUMA 05/25/99 4.900 8,000,000.00 11/30/99 Bank of Petaluma RICHMOND 02/09/99 4.600 1,000,000.00 08/10/99 Mechanics Bank of Richmond 03/08/99 4.840 10,000,000.00 03/07/00 Mechanics Bank of Richmond 04/05/99 4.740 10,000,000.00 04/04/00 Mechanics Bank of Richmond 05/06/99 4.810 10,000,000.00 05/05/00 Mechanics Bank of Richmond SACRAMENTO 06/11/99 5.150 10,000,000.00 06/12/00 River City Bank 01/13/99 4.550 5,000,000.00 07/13/99 River City Bank 01/20/99 4.500 5,000,000.00 07/30/99 River City Bank 02/17/99 4.600 5,000,000.00 08/18/99 -20- Sanwa Bank of California 01 /05/99 4.430 10,000,000.00 07/15/99 Sanwa Bank of California 01/27/99 4.480 5,000,000.00 07/27/99 Sanwa Bank of California 02/03/99 4.590 7,000,000.00 08/03/99 Sanwa Bank of California 02/17/99 4.590 50,000,000.00 08/16/99 Sanwa Bank of California 02/19/99 4.650 10,000,000.00 08/23/99 Union Bank of California 04/29/99 4.530 50,000,000.00 07/28/99 Union Bank of California 05/04/99 4.600 100,000,000.00 08/03/99 Union Bank of California 05/18/99 4.690 50,000,000.00 08/17/99 Union Bank of California 06/28/99 4.800 100,000,000.00 09/28/99 Bank of Salinas 04/22/99 4.390 8,000,000.00 07/22/99 Bank of Salinas SAN DIEGO 06/15/99 4.740 12,000,000.00 09/16/99 Bay Bank of Commerce 02/03/99 4.590 10,000,000.00 08/03/99 Bay Bank of Commerce 04/07/99 4.53 5,000,000.00 4/29/00 San Diego First Bank 05/06/99 4.630 1,000,000.00 08/04/99 San Diego First Bank 06/01/99 4.840 • 11500,000.00 11/30/99 San Diego First Bank 06/22/99 5.030 1,500,000.00 06/21/00 Bank of Canton California 01/21/99 4.470 5,000,000.00 07/21/99 Bank of Canton California 03/05/99 4.750 5,000,000.00 09/01/99 Bank of Canton California 03/16/99 4.710 5,000,000.00 09/13/99 Bank of Canton California 05/06/99 4.810 5,000,000.00 05/05/00 Bank of Canton California 05/13/99 4.780 5,000,000.00 05/12/00 Bank of Canton California 06/01/99 5.000 5,000"9000.00 05/31/00 Bank of Canton California 06/02/99 5.000 5,000,000.00 05/31/00 Bank of the West 04/06/99 4.430 14,0009000.00 07/07/99 Bank of the West 04/01 /99 4.530 20,000,000.00 07/07/99 Bank of the West 04/14/99 4.330 25,0009000.00 07/13/99 Bank of the West 07/13/98 5.350 2590009000.00 07/13/99 Bank of the West 01/04/00 4.480 25,000,000.00 07/21/99 Bank of the West 06/08/99 4.820 25,000,000.00 02/16/00 Bank of the West 04/29/99 4.760 51,500,000.00 04/29/00 Bank of the West 05/19/99 4.890 30,000,000.00 05/25/00 Bank of the West 05/26/99 4.860 87,000,000.00 05/25/00 California Federal Bank 04/15/99 4.310 100,000,000.00 07/16/99 California Federal Bank 06/29/99 4.860 3,000,000.00 09/27/99 California Federal Bank 04/06/99 4.480 5,000,000.00 10/04/99 Cupertino National Bank 01 /22/99 4.490 20,000,000.00 07/22/99 Mid -Peninsula Bank 01/27/99 4.490 15,000,000.00 07/27/99 -21- NAME SAN FRANCISCO (cont.) Oceanic Bank . TIME DEPOSIT DEPOSIT DATE 03/05/99 YIELD PARAMOUNT(S) 4.920 MATURITY 2,000,000.00 DATE 03/07/00 Oceanic Bank 03/12/99 4.780 2,000,000.00 03/15/00 Trans Pacific National Bank 03/15/99 4.800 800,000.00 09/13/99 United Commercial Bank 04/07/99 4.440 20,000,000.00 07/06/99 United Commercial Bank 05/11/99 4.640 20,000,000.06 08/13/99 United Commercial Bank 06/21/99 4.690 20,000,000.00 09/20/99 SAN LUIS OBISPO First Bank of San Luis Obispo 04/06/99 4.440 1,000,000.00 07/06/99 First Bank of San Luis Obispo 04/28/99 4.540 1,000,000.00 07/30/99 First Bank of San Luis Obispo 05/04/99 4.620 3,600,000.00 08/02/99 First Bank of San Luis Obispo 05/12/99 4.640 2,000,000.00 08/10/99 First Bank of San Luis Obispo 05/24/99 4.630 2,500,000.00 08/24/99 SAN RAFAEL Westamerica Bank 04/21/99 4.440 25,000,000.00 07/20/99 Westamerica Bank 04/22/99 4.440 25,000,000.00 07/21/99 Westamerica Bank 04/28/99 4.530 25,000,000.00 07/27/99 Westamerica Bank 05/11/99 4.630 50,000,000.00 08/13/99 SANTA ANA Grand National Bank 01/04/99 4.610 95,000.00 07/07/99 Grand National Bank 04/15/99 4.330 2,000,000.00 07/16/99 Grand National Bank 06/08/99 4.650 3,000,000.00 09/08/99 Grand National Bank 06/21 /99 4.680 3,000,000.00 09/20/99 Grand National Bank 10/15/98 4.180 1,000,000.00 10/15/99 SANTA BARBARA Santa Barbara Bank & Trust 04/07/99 4.440 5,000,000.00 07/06/99 Santa Barbara Bank & Trust 04/09/99 4.440 10,000,000.00 07/08/99 Santa Barbara Bank & Trust 04/15/99 4.340 5,000,000.00 07/16/99 Santa Barbara Bank & Trust 05/11/99 4.640 5,000,000.00 08/13/99 Santa Barbara Bank & Trust 06/01 /99 4.690 5,000,000.00 08/31 /99 Santa Barbara Bank & Trust 06/14/99 4.760 5,000,000.00 09/13/99 Coast Commercial Bank 06/15/99 4.740 20,000,000.00 09/15/99 SHASTA North Valley Bank 03/23/99 4.780 3,000,000.00 03/22/00 —22— Oak Valley Community Bank 02/08/99 4.600 500,000.00 08/10/99 Oak Valley Community Bank 03/24/99 4.580 1,000,000.00 09/20/99 Oak Valley Community Bank 06/28/99 4.760 500,000.00 09/27/99 Oak Valley Community Bank 03/30/99 4.630 1,000,000.00 01/31/00 Oak Valley Community Bank 03/30/99 4.750 1,000,000.00 03/31/00 Oak Valley Community Bank 05/06/99 4.830 500,000.00 05/22/00 TORRANCE China Trust Bank (USA) 04/28/99 4.540 15,000,000.00 07/27/99 China Trust Bank (USA) 06/08/99 4.610 10,000,000.00 09/07/99 China Trust Bank (USA) 06/14/99 4.760 10,000,000.00 09/15/99 China Trust Bank (USA) 06/22/99 4.750 5,000,000.00 09/20/99 China Trust Bank (USA) 06/29/99 4.860 10,000,000.00 09/27/99 South Bay Bank 01 /20/99 4.550 1,000,000.00 07/21 /99 South Bay Bank 05/06/99 4.780 2,000,000.00 11/02/99 South Bay Bank 06/15/99 5.140 2,000,000.00 12/13/99 TUSTIN Sunwest Bank 04/07/99 4.430 3,300,000.00 07/06/99 Sunwest Bank 04/13/99 4.410 3,500,000.00 07/12/99 Sunwest' Bank 04/21 /99 4.350 1,000,000.00 07/20/99 VICTORVILLE Citizens Business Bank 01 /05199 4.640 5,000,000.00 07/07/99 Citizens Business Bank 04/07/99 4.720 10,000,000.00 07/27/99 Citizens Business Bank 02/08/99 4.580 10,000,000.00 08/10/99 Citizens Business Bank 03/09/99 4.850 5,000,000.00 03/08/00 Citizens Business Bank 03/23/99 4.780 10,000,000.00 03/22/00 Citizens Business Bank 06/15/99 5.150 10,000,000.00 06/15/00 WALNUT CREEK Saratoga National Bank 06/22/99 5.100 1,750,000.00 06/30/00 Saratoga National Bank 04/01/99 4.610 5,000,000.00 10/01/99 TOTAL TIME DEPOSITS AS OF JUNE 30,1999 2,140,140,000.00 —23— DEMAND BANK DEPOSITS THE 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. AVERAGE DOLLAR DAYS (000 omitted) DAILY BALANCES WARRANTS PER BANKS OUTSTANDING $ 96,688 $199649161 6529,854 194929717 7259326 195979792 4079,465 199659896 4079465 199659896 4079465 199659896 4749768 29427,924 6209281 292129044 1599335 1,283,367 1113,052 192769744 1769779 193409490 1769779 193409490 1769779 1,3409490 2409266 191909,195 4189612 192129562 1889067 192239831 4139390 195049,041 2219281 197439051 2219281 1,743,051 2219281 19743,051 4329890 197489081 569254 13,4799704 94,858 193569866 1549175 1,3729482 1489119 199379639 1489119 199379639 1489119 199379639 2429960 199299354 489408 19,9289540 154,619 193469768 $271,525 a/ The prescribed bank balance for JUNE was $351,197. This consisted of $175,248 in compensating balances for services, $175,949 uncollected funds and a deduction of $155 for May delayed deposit credit. 1WZ12 DESIGNATION BY POOLED MONEY INVESTMENT BOARD OF TREASURY POOLED MONEY INVESTMENTS AND DEPOSITS No. 1600 In accordance with sections 16480 through 16480.8 of the Government Code, the Pooled Money Investment Board, at its meeting on June 16, 1999, has determined and designated the amount of money available for deposit and investment under said sections. In accordance with sections 16480.1 and 16480.2 of the Government Code, it is the intent that the money available for deposit or investment be deposited in bank accounts and savings and loan associations or invested in securities in such a manner so as to realize the maximum return consistent with safe and prudent treasury management, and the Board does hereby designate the amount of money available for deposit in bank accounts, savings and loan associ- ations, and for investment in securities and the type of such deposits and investments as follows: 1. In accordance with law, for deposit in demand bank accounts as Compensating Balance for Services $ 179,417,000 The active non interest -bearing bank accounts designation constitutes a calendar month average balance. For purposes of computing the compensating balances, the Treasurer shall exclude from the daily balances any amounts contained therein as a result of nondelivery of securities purchased for "cash" for the Pooled Money Investment Account and shall adjust for any deposits not credited by the bank as of the date of deposit. The balances in such accounts may fall below the above amount provided that the balances computed by dividing the sum of daily balances of that calendar month by the number of days in the calendar month reasonably approximates that amount. The balances may exceed this amount during heavy collection periods or in anticipation of large impending warrant presentations to the Treasury, but the balances are to be maintained in such a manner as to realize the maximum return consistent with safe and prudent treasury management. 2. In accordance with law, for investment in securities authorized by section 16430, Government Code, or in term interest - bearing deposits in banks and savings and loan associations as follows: From To Transactions In Securities (section 16430)- Time Deposits in various Financial Institutions (sections 16503a and 16602)' Estimated Total ( 1) 06/14/99 06/18/99 $ 2,853,600,000 $ 36,517,055,000 $ 2,136,545,000 $ 38,653,600,000 (2) 06/21/99 06/25/99 $ 1,990,100,000 $ 38,507,155,000 $ 2,136,545,000 $ 40,643,700,000 (3) 06/28/99 07/02/99 $ (4,377,900,000) $ 34,129,255,000 $ 2,136,545,000 $ 36,265,800,000 (4) 07/05/99 07/09/99 $ 1,500,000 $ 34,130,755,000 $ 2,136,545,000 $ 36,267,300,000 (5) 07/12/99 07/16/99 $ 810,100,000 $ 34,940,855,000 $ 2,136,545,000 $ 37,077,400,000 (6) 07/19/99 07/23/99 $ 601,100,000 $ 35,541,955,000 $ 2,136,545,000 $ 37,678,500,000 (7) 07/26/99 07/30/99 $ (672,000,000) $ 34,869,955,000 $ 2,136,545,000 $ 37,006,500,000 (8) 08/02/99 08/06/99 $ 291,100,000 $ 35,161,055,000 $ 2,136,545,000 $ 37,297,600,000 (9) 08/09/99 08/13/99 $ 377,300,000 $ 35,538,355,000 $ 2,136,545,000 $ 37,674,900,000 (10) 08/16/99 08/20/99 $ 1,284,600,000 $ 36,822,955,000 $ 2,136,545,000 $ 38,959,500,000 From any of the amounts specifically designated above, not more than 30 percent in the aggregate may be invested in prime commercial paper under section 16430(e), Government Code. Additional amounts available in treasury trust account and in the Treasury from time to time, in excess of the amounts and for the same types of investments as specifically designated above. Provided, that the availability of the amounts shown under paragraph 2 is subject to reduction in the amount by which the bank accounts' under paragraph 1 would otherwise be reduced below the calendar month average balance of $ 179,417,000. POOLED MO EY INVESTMENT BOARD: Chairperson Member Dated: June 16, 1999 ( �� i 'Government Code Member -25- INVESTMENT ADVISORY BOARD Correspondence & Written Material Item C Meeting Date: September 8, 1999 ITEM TITLE: Daily Investment Activity and Monthly Treasurer's Report Procedures BACKGROUND: Attached please find the procedures for 1) the daily investment activity and 2) monthly Treasurers Report and the individuals that perform each activity. RECOMMENDATION: Information Item Only. hn M. Falcoger, Finance Director City of La Quinta Daily Investment Activity Treasurers Office Activity 1 The Treasurer prints out the bank activity from the bank on-line system ( PC Manager) each morning. 2 The Treasurer performs a general review of daily printout of bank activity from the bank on-line system and forwards to the Account Technician. 3 The Account Technician reviews the report to ensure prior days activities were posted by the bank as follows: Deposits Checks that have cleared Interbank account transfers Outgoing wires Trustee book transfers Custodian withdrawals 4 The Account Technician prepares a daily cash report for the following accounts: General Bank Account General Money Market Bank Sweep Account Housing Bank Account Automall Account Automall Money Market Bank Sweep Account Local Area Investment Fund _ City Local Area Investment Fund _ RDA Investments The Department Secretary prepares the daily deposit after reconciling prior days cash 5 receipts. Two deposit slips are prepared daily - one for cash and one for checks. The two deposits are placed into sealed bags for daily pickup by Brinks. The Department Secretary gives the Account Technician an adding machine tape with the 6 date and amount of each deposit for entry into the daily deposit report. The Department Secretary gives the deposit bags to the Account Clerk. 7 The Account Clerk makes an entry into the Brinks Customer receipt book. The cash receipts are deposited into the Checking Account. g In addition to the normal daily cash receipts the Account Technician records the following sources of cash into the daily cash report from time to time from the PC Manager report: Housing Program lock box collections Investment Earnings State of California wires Incoming wires Parking Violations deposits Voided checks Misc Service fee credits g The Account Technician enters the disbursements into the daily cash report with the estimated date of release. Disbursements consist of the following: Regular accounts payable checks Emergency checks Payroll Check ACH's Payroll tax wires Outgoing wires Misc Service fee debits The Account Technician adds back to available cash the regular accounts payable checks and outgoing. wires. Regular accounts payable checks and outgoing wires will be released 10 and cash withdrawn when due. Regular accounts payable checks, emergency checks, outgoing wires, payroll checks and direct deposits are reported to the Council on the Demand Register. 11 The Account Technician prints out three copies of the daily cash report and distributes the reports as follows: Account Technician Accounting Manager - Approves and forwards to Treasurer Treasurer - Approves, reviews and files 12 The Account Technician forwards the daily PC Manager report to the Financial Services Assistant performing the monthly bank reconciliation. 13 The Treasurer receives the Daily Cash Report by 9:00 A.M. which has been initialed by the Account Technician and the Accounting Manager Financial Accounting Services Account Account Treasurer Manager Assistant Technician Secretary Clerk X X X X X X X X X X X Q. X X X X X X X 14 The Treasurer reviews the Daily Cash Report. The basic investment strategy is as follows: X City of La Quinta Daily Investment Activity Treasurers Office Activity The checking account is reviewed to ensure if adequate funds are available for the payment of bills. The Treasurer should review for negative amounts in the checking account to 15 determine if transfers should be made to cover checks that have been released. When considering transfers, the Treasurer should compare the checking account cash available to the PC Manager cash available to determine cash float. i.e. outstanding checks. If funds are not available in the checking account, the Treasurer will contact the Local Agency Investment Fund and request a withdrawal. In order to receive same day credit 16 LAIF must receive the request by 10:00 AM. The Treasurer contacts LAIF in Sacramento and provides their representative with the amount of the request, Bank account number, and Personal Identification Number. LAIF will only transfer funds to bank accounts on file. Future dated LAIF withdrawal requests may be made 10 days in advance. The Treasurer identifies whether the LAIF funds are deposited into the Checking Account 17 and whether the withdrawal will be from the City or Redevelopment LAIF account. LAIF provides the Treasurer a trade confirmation number. In the absence of the Treasurer, the City Manager may make LAIF withdrawals and deposits. The Treasurer notifies the Account Technician of the withdrawal. A copy of the daily cash 18 report is given to the Account Technician that states which LAIF accounts were decreased and the checking account increased. This information is then updated on the next day daily cash report by the Account Technician. The Treasurer would transfer LAIF funds into the checking account to pay bills, investments or book transfers. Investments would be made by our Custodian as authorized by the 19 Treasurer through the Trade Settlement Instruction/Authorization Form, wires would be made through teletransfer procedures, and book entries would be approved by the City Manager and City Treasurer and made by authorized bank personnel. Wires can also be performed through PC Manager software. The preferred method for wire transfers in through PC Manager. The process is divided 20 into steps: 1) prepared 2) verified 3) send. The Treasurer and City Manager can prepare and send wires while the Accounting Manager can verify. The Treasurer will determine if there is excess funds in the money market sweep account. The Treasurer will first determine if funds are needed in the checking account. If funds are 21 needed a transfer to the checking account as previously described will be made automatically from the sweep account. If excess funds are still available a transfer funds to Local Agency Investment Account (LAIF) will be made. The Treasurer will contact the State of California LAIF office by 10:00 A.M. to advise it of a 22 LAIF transfer request. The Treasurer will provide LAIF with the amount ,and the LAIF account number to credit. LAIF will provide the Treasurer with a confirmation number. LAIF transfers may be made 10 calendar days in advance. The Treasurer may call the Wells Fargo toll free phone number by 11:00 A.M. and provide 23 the date, municipality name, person authorizing transfer, bank account number to be debited, amount, LAIF account number, and LAIF confirmation number. The Treasurer may also enter the data through PC Manager. The preferred method for wire transfers is through PC Manager. The process is divided 24 into steps: 1) prepared 2) verified 3) send. The Treasurer and City Manager can prepare and send wires while the Accounting Manager can verify. 25 The Treasurer then writes the information on the daily cash report and forwards a copy to the Account Technician who enters this transaction in the next days daily cash report. The Treasurer logs the deposits and withdrawals in the LAIF spreadsheet. A copy of the spreadsheet, which records all LAIF activity, is given to the Financial Services Assistant 26 who prepares the Treasurer's Report on a monthly basis. The Financial Services Assistant reconciles this amount to the LAIF Report sent to the City. If securities are purchased, the Treasurer should determine the type of investment and 27 maturity in accordance with the City investment policy. A separate file for each transaction will be created. The Treasurer will obtain the approval of the City Manager before commencing the purchase. The Treasurer will next obtain bids from broker/dealers for the investments to be obtained. 28 The Treasurer will instruct the lowest successful broker/dealer to deliver securities to the City custodian on the settlement date. The Treasurer will receive a copy of the Bloomberg or equivalent screen printout from the broker/dealer the same day and will receive a trade confirmation several days later from 29 the successful broker/dealer. The Treasurer will take information off the Bloomberg screen printout and prepare a trade settlement instruction/authorization form which is faxed to the City custodian. The Treasurer will transfer funds into the checking account by the settlement date. The 30 Custodian will automatically withdraw the funds from the checking account and deliver the securities into the custodian account. Financial Accounting Services Account Account Treasurer Manager Assistant Technician Secretary Clerk X X X X X X X X City of La Quinta Daily Investment Activity Treasurers Office Activity The Treasurer will review the PC Manager report that is received the next day to ensure that the funds that have been withdrawn match the amount reported on the trade 31 settlement by the custodian. On the settlement date the Treasurer will forward the Account Technician information on this investment purchase. The Account Technician will enter the investment purchase into the daily cash report by decreasing the money market account and increasing the investment account on the next business day cash report. The Treasurer will receive a fax printout of the purchase/sale of the investment from the 32 custodian. The Treasurer may also able to inquiry through modem of the pending trade prior to settlement if adequate time between the purchase and settlement dates exist. The investment policy has a buy and hold investment strategy, therefore, the sale of investments is not anticipated. If the sale of investments before maturity is required it will 33 be done to meet liquidity needs or because of diminishing credit rating. All sale of investments before maturity require the prior approval of the City Manager. In addition, all sales require disclosure to the Investment Advisory Board in a manner that will clearly identify such sales. The Treasury will contact the three broker/dealers to obtain bids for the sale of investments before maturity. The Treasurer will accept the highest bid. The Treasurer will receive a 34 copy of the Bloomberg screen printout. The Treasurer will take information off the Bloomberg screen and prepare a trade settlement instruction/authorization form which is faxed to the City custodian. The Trade Settlement Instruction/Authorization gives the settlement date. The Custodian 35 will release the City Investments when the cash is received from the Broker/Dealer. After the transaction takes place the cash is transferred to the City Checking Account. 36 For investments that mature on time, the Treasurer will assess the cash needs of the City. 37 If no future trade is done that will settle on the day the previous investment matures, the cash received will be transferred by the custodian to the checking account. If the Treasurer does another trade that settles on the same day that the previous 38 investment matures, the difference in prices will either be sent to or forwarded from the Checking Account by the Custodian. The Treasurer must ensure that funds are available in the Checking Account if the new investments cost more than the matured investments. Financial Accounting Services Account Account Treasurer Manager Assistant Technician Secretary Clerk City of La Quinta Preparation of Monthly Treasurer's Report Treasurers Office Activity The Financial Services Assistant is responsible for 1 the preparation of all pages of the monthly Treasurer's Report, except for the Six Month Cash Flow Report which is prepared by the Treasurer. The Treasurer is responsible for the review, approval and submission of the Treasurer's Report. 2 The followings records are used in the preparation of the monthly Treasurer's Report: Daily Cash Reports Monthly Custodian Account Printout & Statements Monthly Bond Trustee Statements Monthly Bank Statements Monthly LAIF Statement Balance Sheet The Financial Services Assistant receives the 3 monthly account statements from the bond trustees and City custodian typically 10 days after the end of the month. Financial Accounting Services Report Treasurer Manager Assistant Secretary X F11 The Financial Services Assistant enters the purchases and sales listed in the City custodian 4 printouts into the Treasurer's Report. The Financial Services Assistant also enters the month end holdings into the Treasurer's Report from the City custodian printouts. Activity & Holdings X The Financial Services Assistant summarizes the monthly transactions from each bond issue sub -account into a spreadsheet. This spreadsheet 5 shows the interest that was earned, and disbursements, debt service payments, and transfers between sub -accounts that were made. The Financial Services Assistant enters the month end holdings into the Treasurer's Report. Holdings The Financial Services Assistant enters the 6 purchases and sales that were made for government investments and mutual funds from the bond funds into the Treasurer's Report. Activity The Treasurer compares the LAIF balances 7 reflected on the LAIF spreadsheet and the balances reported on the Daily Cash Report at month end. The Treasurer forwards a copy of the LAIF spreadsheet to the Financial Services Assistant. g The Financial Services Assistant records the LAIF purchases and sales and quarterly interest activity in the Treasurer's Report. In addition, the Financial Services Assistant receives a report directly from LAIF with account balances. Activity X X City of La Quinta Preparation of Monthly Treasurer's Report Treasurers Office Activity Repod The Financial Services Assistant records the month I nd LAIF balances in the Treasurer's Report and 9 interest rate and market value information is reflected in the Treasurer's Report. In addition to the LAIF spreadsheet, LAIF also sends a monthly holdings report. Holdings The Financial Services Assistant, on a monthly 10 basis, reconciles the bank accounts and enters the book and bank balances into the Treasurer's Report as well as any interest rate information. Holdings The Financial Services Assistant compares the 11 ending cash as reflected in the month end holdings, month end investments by type, month end fund summary and month end trial balance to ensure that all of the ending amounts are in agreement. The Financial Services Assistant calculated the 12 average interest rate and average maturity of the portfolio. Holdings The Financial Services Assistant enters the six 13 month Treasurer's Bill Benchmark from the US Treasury Department via their website on a monthly basis. Holdings After all cash entries are made for the month the 14 Financial Service Assistant prepares the monthly trial balance spreadsheet for the City, RDA, and Financing Authority. Balance Sheet The Financial Services Assistant records all of the cash balances from the accounting software into 15 the fund summary section of the Treasurer's Report. The Financial Services Assistant reconciles the cash balances between these two reports and variances investigated. Fund Balances The Financial Services Assistant updates the 16 monthly summary of cash by investment type in the Treasurers Report. Fund Balances 17 The Financial Services Assistant determines if the investments are surplus or non -surplus funds. Holdings The Financial Services Assistant updates the 18 surplus worksheet by subtracting from total actual funds the restricted investments, negative bank account balances, and accounts payable payments to arrive at surplus funds. Actual and Surplus Funds Accounting Treasurer Manager The Financial Services Assistant updates the Treasurer's Report Authorized Investments and 19 Diversification page. Any exception that is noted should be brought to the Treasurers attention. If the Financial Services Assistant and Treasurer do not agree on the exception then the City Manager Authorized Investments should be consulted. and Diversification X Financial Services Assistant Secretary X X X R F11 In X X X V1i City of La Quinta Preparation of Monthly Treasurer's Report Treasurers Office Financial Accounting Services Activity Report Treasurer Manager Assistant Secretary The Financial Services Assistant, in consultation with the Treasurer, updates the Treasurer's Report 20 cover page showing the increase and/or decreases in the investment types and the reason for the changes. Treasurer's Cover Page The Financial Services Assistant forwards a copy 21 of the Treasurer Report to the Treasurer consisting of the following: Treasurers Cover Letter Authorized Investments And Diversification Summary of Holdings Summary of Investment Activities Reconciliation of Actual and Surplus Funds Distribution of Cash & Investments & Balances Trial Balance for City, RDA and Financing Authority The Treasurer reviews the Treasurer's Report and returns the document for corrections, if any, to the 22 Financial Services Assistant. After any corrections have been made the Treasurer attaches the Six Month Cash Flow Report, signs and dates the report and forwards the report to Department Secretary. X The Department Secretary prepares a staff report and attaches the Treasurer's Report for the Investment Advisory Board Agenda. The Treasurer 23 signs the staff report and the Treasurer's report is included in the agenda. For the City Council agendas, the Department Secretary prepares an Agenda Item Processing Form (AIPF) and attaches the Treasurer's Report. The Financial Services Assistant forwards the monthly investment activity sent by LAIF to the 24 Department Secretary who prepares a staff report for the Investment Advisory Agenda. The Treasurer reviews the report and signs the staff report which is included in the agenda. X INVESTMENT ADVISORY BOARD Correspondence & Written Material: D Meeting Date: September 8, 1999 ITEM TITLE: LAIF - Structured Notes and Asset Bank Securities BACKGROUND: At the July Board meeting Staff was asked to clarify the reporting of Structured Notes and Asset - Bank Securities in the monthly LAIF Reports. Staff contact LAIF and was told that the Structured Notes and Asset backed securities are reported in the particular category related to the investments. For example, a corporate floater would be reported Corporate Bonds. The investment amount would be reported at the par amount. RECOMMENDATION: Inform4tional item only. Jahn M. Falcone¢, Finance Director INVESTMENT ADVISORY BOARD Meeting Date: September 8, 1999 ITEM TITLE: Request for Proposals - Bank Services BACKGROUND: Business Session: C Attached please find a Bank Services Request for Proposal for the Boards review and comment. After City Council approval, Staff is requesting mailing the Request for Proposal to the following banks/organizations: First Security Van Kasper (1) Laffranchini Financial (1) Union Bank (1) (3) Valley Independent Bank (1) (2) Wells Fargo Bank (2) (3) Bank of America (3) Dai Ichi Kangyo Bank (3) Sanwa Bank (3) (1) City Registry (2) Branch in La Quinta (3) Listed in California Municipal Treasurers Association Roster RECOMMENDATION: After review and comment forward to the City Council for consideration. TLVI I L hn M. Fal ner, Finance Director